Knowledgebase and FAQ

Showing articles in 'Accounts'...(« back to knowledgebase)
Showing 28 articles.
Accounts
Nobody wants to make a mistake in calculating their business profits. It will lead to the wrong tax bill and HMRC won’t be happy! So, what can you do to avoid mistakes? Find out in our video. Record Keeping You should make sure that you keep on top of your business records so that your […] (Read more)
Accounts Business Growth
What are the 3 numbers you must track in your business? These numbers are not the standard stuff. We want to make you think a bit differently. We know we’re accountants and a bit biased, but these numbers are not the standard stuff. We want to make you think a bit differently about the numbers. […] (Read more)
Accounts
When we go through a set of accounts with our clients, one of the areas that causes the most confusion is the Director’s Loan Account. The common questions we get asked are: What is it? Can I have one? If I do have one, what’s the tax impact to the company? In our video, we will answer […] (Read more)
Accounts Tax
Some taxpayers bury their heads in the sand and think that missing the 31 January deadline isn’t a big deal. But don’t be fooled, HMRC are very observant! If you let us handle your tax return efficiently and in good time, you’ll never need to pay more income tax to HMRC than is necessary, and […] (Read more)
Accounts Business Growth
What are Management Accounts? What are the benefits? How do I prepare them? Find out in our handy video and guide. What are management accounts? Management accounts are just another set of numbers, aren’t they? Why would you want them? Well, most successful entrepreneurs swear by them as they can put you totally in control […] (Read more)
Accounts
Warren Buffett famously said, “If you can’t read the scoreboard, you don’t know the score. If you don’t know the score, how can you tell the winners from the losers?” And that’s the same in business. In business the scoreboard is a set of accounts. And if you can’t read a set of accounts, how […] (Read more)
Accounts
Well, basically, it shows your sales and expenditure for the period. Usually for a year you’ll add up all your sales and all of your expenses. Those expenses will be categorised under different headings, whether that’s office expenses, purchasing goods, so you can actually see where the money’s gone. And at the bottom it will […] (Read more)
Accounts
What’s included in the cashflow forecast? Well, this shows the cash movements over a period of time. Watch our video for some more information. So, in your annual cashflow forecast it will show how much cash and that includes all your bank accounts you have on the first day of the year. It then shows […] (Read more)
Accounts
What is a balance sheet? Watch our video to find out. The balance sheet, basically, states all of your assets and liabilities at a given point of time, usually at your year end. So, it will show everything you own and everything you owe, your own assets, so fixed assets, whether it’s plants or machinery, […] (Read more)
Accounts
As a business owner, you need to keep financial records. As without them, how can you actually manage your company?  How do you know whether you have made a profit, or a loss? How do you know how much to pay your suppliers, or to chase your customers for the debts? Watch our video to […] (Read more)
Accounts
What accounts must a Limited Company submit? Watch our video for some useful guidance. Who are the accounts for? Every limited company must prepare accounts and a corporation tax return. Well, firstly, for the shareholders of the company, the owners need to know what the profit loss has been and what assets the company has. […] (Read more)
Accounts
What are the most common bookkeeping errors and how can they be avoided? Watch our video to learn more.   Running a business is hugely fulfilling… and often very stressful. It takes a lot of hard work to get your business off the ground but it’s worth it to be your own boss and dedicate […] (Read more)
Accounts
Starting your own business is an amazing thing to do but it’s also notoriously risky. There’s a lot to think about when you first start out on your own and it can be tempting to put accounting on the back burner, but that would be a huge mistake. Watch our video to learn more. Good […] (Read more)
Accounts
A question we get asked a lot is “Do I need Management Accounts for my business?” Watch our video to learn more about Management Accounts and how you and your business can benefit from them. Well – that depends. And there is also a difference between needing and wanting! But, in this short video I’ll […] (Read more)
Accounts
Deciding to close a limited company involves a lot of thought, paperwork, and planning. There are several possible exit routes, and every situation is different. Watch our video for some more guidance. Perhaps you will sell your shares to someone else, who will continue to run the business. Or you may sell the company’s assets […] (Read more)
Accounts
Some dividends are classed as legal whereas others are illegal. Watch our video to learn more about this. The Companies Act 2006 requires that a dividend must only be paid if there are sufficient distributable profits.   In some cases, the bank account may be in credit, but the company still needs sufficient retained profits […] (Read more)
Accounts
To help the economy recover after the pandemic, the Government has introduced a super-deduction for capital expenditure. This initiative is to encourage companies to invest and provides enhanced capital allowances for any expenditure incurred within a limited two-year window. Find out more by watching our video. WHAT IS THE SUPER-DEDUCTION? If you have expenditure that […] (Read more)
Accounts
How do you get an accountant excited? Ask them if Jaffa Cakes are cakes or biscuits! It’s every accountant’s favourite question as it’s all about VAT. Watch our video to find out why. Recently, brownies entered the Biscuit vs Cake debate. A court case was decided on whether a healthy brownie was indeed a cake […] (Read more)
Accounts
Disposing of a limited company usually involves a considerable amount of forethought, planning and paperwork. A number of possible exit routes exist and each company situation is different. Watch our video to learn the best tips when closing down a business. In general, however, the directors usually sell their shares to someone else to run […] (Read more)
Accounts
The coronavirus pandemic has negatively impacted millions of family companies reducing and, in some cases, eliminating profit entirely. If there is cash in the business, perhaps from one of the Government grants or funding options, and it needs to be withdrawn to cover living costs, then a lack of retained profits will affect how funds […] (Read more)
Accounts
You may need to submit a Self-Assessment Tax Return if you have self-employed earnings, income from property or untaxed income such as tips or commission. It is better to finish your return early to avoid the last-minute rush at the end of January. The thought of sorting through your old receipts and working through confusing […] (Read more)
Accounts
What is a Confirmation Statement and how do you submit one? Watch our video to find out. All private limited companies and limited liability partnerships registered in the UK must submit a confirmation statement to Companies House at least once every 12 months, even if the business is dormant. The purpose of the confirmation statement […] (Read more)
Accounts
As you can imagine, there’s a lot of overlap between the two areas. Bookkeeping is about accurately recording the financial data in a business. An accountant then picks up that financial data and actually reports on it, and interprets it, and often then tries to make it better. What does a bookkeeper do? At its […] (Read more)
Accounts
Some people think that an accountant actually represents HMRC, and is basically working on their behalf to make sure that you, the client, pays tax on time and pays as much tax as possible. In reality, though, an accountant works for you. You pay the accountant. An accountant is there to help you. Watch our […] (Read more)
Accounts
As an employer you could potentially reduce your National Insurance bill by £3,000 each year. This means employers with a liability below £3,000 would have no liability to pay and employers with a liability over £3,000 would have a reduced National Insurance bill. Watch our video to learn more. This allowance applies only to the […] (Read more)