Category: Bookkeeping
What to do if you can’t or don’t pay your tax bill on time
Contact HMRC as soon as possible if you are having difficulty paying your bill. You may be given more time to pay the outstanding amount or perhaps pay it by installments. If you have missed the payment deadline you must contact us immediately to possibly avoid enforcement action being taken. Don’t waste any time.
Working from home just got easier
Changes in Government legislation have reduced the paperwork and red tape involved in launching and running a start-up business from home Kitchen table businesses were thrown a bone by the Government recently as part of the ongoing drive to stimulate enterprise in this country. The Home Business initiative aims to make it much easier for Read more about Working from home just got easier[…]
QuickBooks Online
Here’s some great reasons to start using QuickBooks Online today: It’s fast and easy to set-up; Customise it to your business; Cleaner, simpler interface which is user friendly with faster navigation; You get an up to date view of your business, even on the go; You can create customised invoices for a more professional look; Read more about QuickBooks Online[…]
Company records – what’s the bare minimum?
Keeping your company records in legal requirements is a time consuming process, so how can you keep this to a minimum? As owner/director of your business your main priority is about making your business successful rather than being a slave to paperwork/admin/recordkeeping. But you can’t avoid this completely as company law requires a minimum level Read more about Company records – what’s the bare minimum?[…]
8 common bookkeeping mistakes to avoid
From one wo/man bands to larger companies, bookkeeping is a significant part of any business . While it isn’t typically one of the more glamorous jobs, bookkeeping is at the heart of any company’s success, and errors can cost the company significantly. Below are some of the most common errors that I cover when training Read more about 8 common bookkeeping mistakes to avoid[…]
Personal allowances, rates and bands 2013-2014
Most people have a Personal Allowance – an annual amount of tax-free income. The rates of Income Tax you pay depend on how much taxable income you have above your allowance. Personal Allowances: AGE AMOUNT Up to and including 64 £9,440 65 to 74 £10,500 75 and over £10,660 For every £2 your income is Read more about Personal allowances, rates and bands 2013-2014[…]
Personal allowances, rates and bands 2012-2013
Most people have a Personal Allowance – an annual amount of tax-free income. The rates of Income Tax you pay depend on how much taxable income you have above your allowance. Personal Allowances: Age Amount Up to and including 64 £8,105 65 to 74 £10,500 75 and over £10,660 Your Personal Allowance goes down by Read more about Personal allowances, rates and bands 2012-2013[…]
Record keeping for directors’ loan account
The HMRC expects companies to keep accurate and up to date accounting records especially details of transactions between a company and its directors – the “directors loan account” (DLA). Where you use software to keep your financial records you can set up a DLA in the way you would a bank account and post transactions Read more about Record keeping for directors’ loan account[…]
VAT Accounting Schemes
In contrast to standard VAT accounting, there are several alternative ways you can account for VAT that could save you time and money. Some of these VAT accounting schemes have been designed for specific trade sectors. Others have been designed to deal with more general business issues. Some of the schemes can be used together. Read more about VAT Accounting Schemes[…]