What are Capital Allowances?

Capital Allowances are much misunderstood and consequently often left unclaimed, especially by small businesses.  What is a Capital Allowance? The capital allowance is an allowance against tax payable for any assets you buy to enable you to run your business. For example, if you’ve bought a new machine to help your manufacturing process, you can […]

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What Is Equity in Your Accounts and Why Is It Important?

Equity, in a nutshell, is the value of anything  you – or your business – own after the amount of anything you owe is subtracted from it.  So for example, if you have a vehicle worth £10,000 on which you still owe £4,000, the equity in that vehicle is £6,000.  Equity in your business is […]

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Depreciation – What Is It?

Depreciation is a term that is often used in accounting but usually without any explanation.  In a nutshell it is the amount by which a business asset, such as a machine or van, reduces in value over it’s lifetime.  The cost of anything that is used in the business can be offset against tax over  […]

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Bookkeeping Best Practices

Bookkeeping best practices are the same whether you have a professional Bookkeeper or not – though it has to be said that it is easier for a Bookkeeper to stick to the rules as they are second nature for them! Keep Business and Personal Finances Separate Keeping personal and business expenses separate is the key […]

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Do You Know Your Breakeven Point?

 Your breakeven point is one of the key facts that you must know about your business if you are to be a success. Surprisingly many businesses do not – they either have an incorrectly calculated one, an out of date one or they don’t even know what it is. The Definition of a Breakeven Point […]

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Bookkeeping Mistakes To Avoid

Bookkeeping mistakes are easier to make than you might think when you are not aware of all the fine details.  Keeping your financial records might appear to be a fairly simple process when you first set up your business but there are many pitfalls for the unwary that can cost you a lot of money […]

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Cash Flow – Why Is It So Important?

Cash Flow is the money that flows in and out of your business, more cash coming in than going out is positive, having more money going out than coming in is negative.  Depending on the type of business you run your cash flow can go from one to the other, especially if you have a […]

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2021 Budget – Key Provisions

The 2021 Budget, more than any other of recent times, is key to the recovery of the UK economy which has been hard hit by the effects of the Coronavirus pandemic. The support offered by Government is to be extended but provisions are already being put in place to pay for that support. General Provisions […]

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Why Xero?

Xero is the accounting package of choice for Farries Bookkeeping Services – Why? Because we believe it is the best package on the market for most businesses. It is particularly good for startup and growing businesses, offering a rich selection of features to help your business. Coupled with the experience and advice provided by a […]

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COVID-19 (Coronavirus) Support For Business

The Covid-19 pandemic is an unprecedented event, nothing has affected business globally so dramatically. The UK Government has put forward a number of schemes to help support businesses through the immediate future and is expected to continue support through what many see as an inevitable global recession, further complicated in the UK by the effect […]

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