Are you a self-employed individual preparing your tax return to file by 31st January 2012? Do you regularly travel on business, and does that travel ever entail an overnight stay away from your home?
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Accounting
It’s okay to have a hangover on New Year’s Day but don’t let the suffering continue into the year. January 31st has always been a key date in the small business calendar – it marks the deadline for submitting online tax returns.
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Are you tempted to duck under the bedclothes on the night of October 31st and try and shut out the “Ghosties and ghoulies and lang-legged beasties and things that go bump in the night”?
Is your business bookkeeping also something you try and hide away at the back of your mind and forget about?
Emily Coltman, ACA, Chief Accountant at online accounting provider, FreeAgent, gives her five top tips to help you lose your fear of bookkeeping.
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In this article, we look at the role accountants play, and how to ensure you choose the right firm for your business.
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In this guide, we take a look at the differences between financial and management accounts, and how each type of accounts can benefit your business.
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If you choose to set up a limited company when you start your business, there’s a lot more paperwork involved.
It’s one the downsides of going limited (the biggest upside of course being that you limit your liability should the business go under).
One of the many pieces of paperwork you will have to generate on at least an annual basis is a balance sheet.
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When you’re trying to work out how well your business is doing, one of the most powerful tools in your financial arsenal is your profit and loss account (P&L).
This is a simple set of figures that will give you a summary of what your business has spent and sold, normally in the previous 12 months.
By deducting what you’ve spent from what you’ve sold, you’ll discover what profit or loss your business has made. It really is that simple.
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Accurate bookkeeping is a necessary evil when you run your own business.
There are three reasons you need to be on top of the money coming in and going out. HMRC will need information from you at some point (whether you are a sole trader or run a limited company); you need to know if you have enough cash to get you through the month (cash flow); and finally it’s good to know whether or not you are actually making a profit!
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Of all the advisers you are likely to encounter when running a small business, a good accountant is perhaps the most valuable one to have. If your accounts are in order and you are up-to-date with payments, you are far likely to be more able to concentrate on building the business.
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Every limited company must submit their accounts to Companies House each financial year. In this article, we look at how you work out the deadline for your first annual accounts.If you are a limited company director, one of your legal obligations is to ensure that your company’s annual accounts are submitted to Companies House accurately and on time.
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