by Lisa Dickson | Oct 22, 2015 | Bookkeeping 101, Small Business Accounts
What are prepayments? As we learned in the article Understanding Accruals – it has been a long-accepted accounting principle that revenue and costs should be recognised as they are earned or accrued, rather than when their cash value is received or paid. If...
by Lisa Dickson | Oct 11, 2015 | Bookkeeping 101, HMRC and tax, Payroll
The construction industry scheme works a little like a payroll scheme but for the constructions industry. Contractors employ subcontractors for jobs, on which they must deduct tax but not national insurance and pay it monthly to HMRC. Deductions count as advance...
by Lisa Dickson | Oct 11, 2015 | Bookkeeping 101, HMRC and tax, Payroll
Accounting for CIS So we understand the principles of CIS, but how do we account for the transactions in our accounting software? See An introduction to CIS if you need to recap. Account Codes We recommend that you set up the following general ledger account codes in...
by Lisa Dickson | Oct 10, 2015 | Bookkeeping 101, HMRC and tax, Payroll
Running a payroll This guide looks at some of the common payroll problems and choosing payroll software. Running payroll is one of the less glamorous aspects of being an employer. However, it is often the mundane tasks that are the most crucial. Failing to pay your...
by Lisa Dickson | Oct 2, 2015 | Bookkeeping 101, HMRC and tax
As the financial controller or business owner, it’s likely to be your task to deal with the VAT inspector when he comes to call. So what records can he ask to see and how much power does he really have? Why are you being inspected? VAT officers can visit your...
