The extent of Making Tax Digital is being increased by the government. The requirement to provide records in the new format is being extended to include over 4 million taxpayers who have business or property income in excess of £10,000 per year. This will also include landlords, sole traders and partnerships involving individuals only. Corporate […]
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Following on from Part 1 and Part 2 here are more terms that you should be familiar with to enable you to understand your accounts and run your business efficiently. 30 Liquidity Liquidity is the ease with which your business can convert your assets into cash. Cash itself is the most liquid of all assets.. […]
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Following on from Part 1 (click here to view) here are more accounting terms that you should be familiar with to enable you to understand your accounts and run your business efficiently. 15 – Debit Like Credit, the effect of a Debit on the balance sheet is determined by the financial transaction. Debit can increase […]
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Accounting, like any profession, has its own language. The wise business owner will make sure that they are aware of the basic terms so that there is no misunderstanding when discussing how their business is performing. Here are some of the most common terms briefly explained.If you are unsure of what your Accountant or Bookkeeper […]
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Business Gifts have always been an important part of commercial culture, they are seen as a sign of respect and appreciation for your clients. They help create a more personal connection between you and your customers, which in turn helps create a relationship which should, in turn, have a beneficial impact on sales. Equally gifts […]
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What is Crowdfunding and what can it be used for? Crowdfunding is a way to raise money for a project, either business or personal, by inviting a large number of investors to support it rather than borrowing money from a more traditional lender which can be both more expensive and more restrictive. Crowdfunding can be […]
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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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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 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 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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