Please note: The information contained in this site is provided for information purposes only and is of a general nature. It is not a substitute for specific professional advice related to your own circumstances. You are recommended to obtain specific professional advice before you take any action. Thank you!
The purpose of this article is to give you an introduction to the basic accounting concepts. Essentially what you sell, less what you buy equals your profit. Single entry or 'cash' accounting The smallest and most simple business may be accounting on a 'cash basis'...
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 payments...
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...
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...
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...
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...
Overview If you are not VAT registered, then you shouldn't need to worry about this section, unless of course you are approaching a level of revenue where you will be required to become VAT registered. Or maybe you are considering changing scheme or applying for a...
A guide to alternative business finance Setting up a business and funding it while it takes its first, unsteady steps in the world can be an expensive proposition. As it grows and becomes more resilient, a successful company will begin to be able to stand tall on its...
A guide to the finer points of auto-enrolment The process of auto-enrolment continues to rumble on quietly with the majority of companies passing their staging dates without major incident. However, for the few that fail to comply with their workplace obligations, the...
A guide to the new accounting standards that WILL affect your business. Accountants aren’t known for being in the business of change. While the external environment around them and the numbers coming in may change, an accountant brings stability and reliability to a...