As a director of a limited company, you are responsible for filing accounts with Companies House and a corporation tax return with HMRC each year. Although most people appoint an accountant to handle this, it’s sill important to have a basic understanding of how your accounts are put together. You may think that if you Read more about Profit and loss account explained[…]
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[…]
What is VAT? VAT is a tax that’s charged on most business transactions in the UK. VAT registered businesses add VAT to the price they charge when they provide goods and services to: business customers – for example a clothing manufacturer adds VAT to the prices they charge a clothes shop non-business customers – members Read more about Introduction to VAT[…]
The new 50% income tax rate came into effect on 6 April 2010 on taxable income above £150,000. The personal allowance was also clawed back for people whose income exceeds £100,000. The amount of the allowance was reduced by £1 for every £2 above the £100,000 limit, until the Personal Allowance is reduced to nil. Read more about Sole Trader or Company?[…]
Small Business Information Even though it might not be the most glamorous aspect of running a business, bookkeeping should always be near the top of your to-do list. The very life of your business depends on your diligence in this area. Every business, regardless of size, has to keep a detailed record of its financial Read more about Bookkeeping Essentials for Small Business[…]
Is it Bookkeeping or is it Accounting? When you first get started in a small business, you may hear the terms bookkeeping and accounting thrown around almost interchangeably. However, these terms do not mean the same thing. Small businesses have both bookkeeping and accounting functions. Bookkeeping is the process of the record-keeping of all financial Read more about The Difference between Bookkeeping and Accounting for Small Business[…]
What Type of Bookkeeping is Appropriate for your Small Business? When you start a small business, one of your first financial decisions has to be whether you are going to use single or double-entry bookkeeping. You may not be a financial professional and you may not be looking forward to dealing with the accounting side Read more about Small Business Bookkeeping – Single-Entry or Double-Entry Bookkeeping[…]