by Lisa Dickson | Nov 10, 2015 | Bookkeeping 101, Small Business Accounts
Claiming for fuel – how good record keeping can save you money. When and how can you claim for fuel costs in your business? If you are driving a company car, it’s likely that the fuel costs are covered by your company and you are paying a taxable benefit...
by Lisa Dickson | Nov 10, 2015 | Bookkeeping 101, Small Business Accounts
What are 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. Income and expenditure should be matched with one another where...
by Lisa Dickson | Nov 9, 2015 | Bookkeeping 101, Small Business Accounts
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...
by Lisa Dickson | Nov 9, 2015 | Bookkeeping 101, Small Business Accounts
Debits and credits can sometimes seem confusing but you will need a basic understanding of how debit and credit transactions affect your accounts to be able to understand your business reports and spot any anomalies. The concept of double entry accounting dates back...
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...
