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!
A question that regularly comes up when considering lease finance of an asset, is how to account for the lease in your business accounts. Is it a rental cost to be charged to the P&L? Or it it an asset to be capitalised to your balance sheet? It depends on the...
If you pay commissions to or buy goods or services from a non-VAT registered supplier, you can use Xero to produce simple self-bill invoices that can be emailed to your supplier with or before payment. See also: The Ins and Outs of Self-Billing Self-Billing :: Raising...
If you are looking for investment and wish to know more about EIS, then this article may be for you. It does go into more detail than our typical articles because the conditions are so extensive. So grab a coffee and take notes - if you are considering EIS or SEIS...
Seed Enterprise Investment Scheme (SEIS) The SEIS legislation is closely modelled on that for the EIS, but it is intended to help small, new start-up companies (rather than the more established companies typical of the EIS) by offering a higher rate of relief. Its...
You have just made a capital gain from selling an asset and intend to invest in an enterprise investment scheme (EIS) to defer paying tax on it. How can you achieve the best tax saving possible? EIS relief Buying shares in enterprise investment scheme (EIS) companies...
On occasion, your perfectly behaved Xero bank rules will stop working. Not usually because of anything you have done, but often because the banks have updated their data export schemas or the supplier has changed one of the references on your payment. Here is an...
It's good practice to compare your statement balance in Xero to your online or paper statement balance (your actual bank balance) at least once a quarter - once a month if you manually import bank transactions. The two balances should match each other for the same...
If you are running payroll for your accounts. Whether it is for Director's or for Staff you should be entering in the relevant costs and liabilities into the accounts. We create a payroll journal so we can see the relevant cost of the payroll in the Profit and Loss...
Holiday accruals are where you earn holiday entitlement based on the number of hours you work. Perfect for employees who have irregular hours. So how is your holiday entitlement calculated? 1) For every hour you work you earn a percentage of your pay rate towards...
If you have staff or pay yourself a director's salary it is important to use a payroll software which is HMRC compliant. Your payroll will show a Gross payment to each staff member and will deduct tax and national insurance to give a Net figure. The following example...