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!
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...
Understanding and accounting for trade contras In a situation where one of your customers is also one of your suppliers you will end up with both bills and invoices to and from each other. When this happens you may choose to pay the difference between the two sets of...
What are Intercompany Recharges? If you incur costs on behalf of another company - you may wish to recharge them. This may be an external company - a client or associate for example, or it may be a company within your group. For financial reporting purposes - revenue...
How do we account for utility bills in our business accounts? A common error we see in small business accounts is in the posting of payments on account with the utilities company. Say you pay monthly direct debits on account towards your utility bills, the transaction...