Does the 50% VAT restriction on a car lease affect you?

by Lisa Dickson | Feb 28, 2016 | Bookkeeping 101, Small Business Accounts

Could a car lease be costing you more than you think? If you are VAT registered then YES, quite possibly. There is a 50% reduction in the amount of input tax which can be recovered in respect of lease rental payments on a car. The reduction is to take account of any...

Travel and subsistence: a changing framework

by Lisa Dickson | Feb 28, 2016 | Bookkeeping 101, Small Business Accounts

The system of employee benefits and taxes for those who travel for the purposes of work is undergoing change. Every day the roads and railways of this country are filled with employees travelling as part of their jobs, and incurring a host of costs and expenses along...

HMRC Digital Tax Accounts

by Lisa Dickson | Feb 28, 2016 | Bookkeeping 101, HMRC and tax, Small Business Accounts

HMRC Launches Digital Tax Accounts For a while now, HMRC has been talking about replacing the annual tax return with a quarterly digital tax account for all business and individual taxpayers. Blessing in Disguise? On the one hand – this move presents a...

Understanding Deferred Income

by Lisa Dickson | Jan 10, 2016 | Bookkeeping 101, Small Business Accounts

What is deferred income? We all know what income is, but why might you want to defer it? Say you raise an invoice in January for 3 months worth of consulting fees. They cover the period from January to March. This is money received for goods or services not yet...

Bank Reconciliation Utopia with Online Accounting

by Lisa Dickson | Jan 9, 2016 | Bookkeeping 101, Small Business Accounts

Wouldn’t it be nice if you could reconcile your bank accounts quickly and efficiently with the minimum of stress? With an online accounting system – that time is now. Whether it be Xero, FreeAgent, Kashflow or Quickbooks, the process at the heart of each...

6 Ways of overcoming your businesses cashflow problems

by Lisa Dickson | Nov 10, 2015 | Accounting 101, Business Management 101, Small Business Accounts

A guide to overcoming your businesses cashflow problems and tackling late payment. More than any other factor, a business is defined by the balance between the money coming in and the money going out over any period of time. Ideally, the scales should be tipped in...