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Terry Cartwright's Articles Display Category|Title|Newest|Oldest Why Bookkeepers And Accountants Use Double Entry Bookkeeping Double entry bookkeeping is the technique employed by accounting software to accurately record financial transactions stretching back hundreds of years Double entry bookkeeping means every financial transaction has an equal and opposite effect which is checked using a trial balance prior to producing a profit and loss account and balance sheet. What To Include In The Financial Section Of A Successful Business Plan Guessing is not an option. Preparing the financial section of a business plan is more than scribbling some pleasing numbers on a sheet of paper. The end result of every business plan is not how great the business start up will be or the tremendous skills to be employed in the business but the bottom line. What Happens Next After A UK Limited Liability Company Formation After forming a company in the UK the directors have a number of immediate responsibilities in regard to the newly registered company. Share certificates should be issued, statutory registers implemented and updated, affixing the company name and noting critical dates to avoid penalty fines and the implementation of a financial control system. Vat Schemes and Vat Thresholds Vat is a tax payable by any taxable person or business on sales income unless exempted or zero rated when the annual level of sales reaches the vat threshold limit, raised to £64,000 p.a. from 1st April 2007. Vat output tax is payable on total sales whether a business has registered for vat or not and important to register for vat when the vat threshold is reached to enable full credit to be claimed by the vat input tax paid on purchases. Minimise vat liability with a vat scheme. UK Self employed Accounting Software and Self Assessment Tax Returns Accounting Software for the self employed businessman in the UK does not have to be complex. There are different requirements to double entry bookkeeping that anyone self employed may fulfil and Accounting Software available to satisfy those requirements. The most important requirement of any Accounting Software purchased by a self employed businessman being the automated production of the Self Assessment tax return. Top Self Employed Tax Questions That Save Money Avoid extra taxes, interest and penalties with these top tax questions which can save you money. Top Self employed Tax Questions HMRC enquire into approximately 75,000 self assessment tax returns each year. Most tax enquiries result in extra tax being payable because business turnover has been understated or non allowable business expenses have been claimed, resulting in interest and penalties on the extra tax for that year and sometimes previous years. This guide of frequently asked questions can help avoid such interest and penalties and indicate a few tax tips to be aware of. The higher tax rate in the UK is 40% of net taxable income. DIY Accounting also provides templates to assist in maintaining good records and correct tax returns. Top Paye Questions Answered Employers and particularly new employers ask a variety of questions in administering the PAYE scheme. The top questions and answers include tax codes, week 1 basis, employee or self employment status, national insurance, statutory sick pay and what happens when an employee does not provide a P45 from previous employment. The Answers To Top Self Employed Tax Questions That Save Money Avoid extra taxes, interest and penalties with these top tax questions which can save you money. Taxi Drivers Pay Higher Taxes Missing Out On Capital Tax Allowances Taxi drivers who employ a taxi accountant to prepare their taxi accounts may or may not be at risk of under claiming capital tax allowances. Many drivers who prepare their own taxi driver accounts may not have the expert capital tax allowance knowledge to minimise their tax liability. Tax Questions and hints for UK Self Employed HMRC enquire into approximately 75,000 self assessment tax returns each year. Most tax enquiries result in extra tax being payable because business turnover has been understated or non allowable business expenses have been claimed, resulting in interest and penalties on the extra tax for that year and sometimes previous years and a higher tax rate. These frequently asked questions can help avoid interest and penalties with a few tax tips. Tax Investigations Are An Uneven Match Between Small Business And The Tax Inspector The vast majority of tax returns are not enquired into by HMRC and are accepted as reasonable. When HMRC investigate the tax return of a small business the inadequacies of the accounting, lack of knowledge by the enquired and professionalism by the tax inspector often results in a higher tax bill. Stave Off Business Problems Before They Become Critical With Accounting Software Running a business and ignoring or having inadequate accounting software is like building a house on top of a bonfire and not bothering to fit a fire alarm. Many small businesses run into difficulties sooner or later, it is a fact of business life. Timing and how those crises are dealt with are critical to both the success and in some cases survival of the business. Small Business Can Save Money With Basic Bookkeeping Every business is required to keep a set of financial records to enable those accounts to be submitted and the tax payable calculated. Bookkeeping is the prime stage in keeping those books and at its most basic level does not require high levels of accounting knowledge and experience and accountant fees can be saved. Small Business Accounting Software Selection And Priorities Maintaining accounting records can be difficult for any business, especially self employed and small business organisations where a lack of accounting knowledge can be prohibitive. Selecting the right accounting software for your business can seriously improve financial performance. Small Business Accounting Software Is Simple Bookkeeping Spreadsheets There is a major difference between sophisticated accounting software used by larger businesses for financial control purposes than is required for small business where a simple bookkeeping spreadsheet is sufficient. Small Business Accounting Software Improves Business Performance A talented entrepreneur may have all the skills in the world but only achieves the desired level of financial performance by paying acute attention to the profitability of the business. Small business accounting software is a vital management tool to broaden the management function to include accounting and finance and improve business performance. Small Business Accounting Software Equals Simple Bookkeeping Spreadsheets There is a major difference between sophisticated accounting software used by larger businesses for financial control purposes than is required for small business where a simple bookkeeping spreadsheet is sufficient. Single Or Double Entry Bookkeeping That Is The Question The bookkeeping system adopted by a business is based upon double entry principles for all limited companies but self employed businesses may use a single entry bookkeeping system if a statement of assets and liabilities is not required. Bookkeeping is the recording of the prime financial transactions of a business usually by a bookkeeper or accounts clerk in the business books. Simple Way to Limited Liability Company Formation Registration of a limited liability company in the UK is not a complex business. Four documents are required to create a limited liability company. Documents which are available quite cheaply including the main company registration forms which are free. Simple Company Accounting Software That Produces Final Accounts For Publication Accounting software for UK limited liability companies can be a series of bookkeeping templates on excel spreadsheets to produce an automated monthly profit and loss account and a set of final company accounts with balance sheet and notes ready for publication. Simple Bookkeeping Spreadsheets There is a major difference between sophisticated accounting software used by larger businesses for financial control purposes than is required for small business where a simple bookkeeping spreadsheet is sufficient. Self-employed Accounting Software Fills In Self Assessment Tax Return Accounting Software for the self employed businessman in the UK does not have to be complex. The most important requirement being a simple package that automatically produces the Self Assessment tax return. Self Employment And The Self Assessment Tax Return Form Everyone who starts a business in the UK is required to register that business within three months of starting up the new business or receive a penalty fine for non registration. Having registered as self employed the trader will be required to complete the Inland Revenue self assessment tax return form each year. Self Assessment Tax Return Income And Expenditure Section Sole traders and self employed business in the UK are required to complete a self assessment tax return. Accurate accounting records are required to complete the self assessment return with income and expenditure of different types being entered against specific box numbers. These notes explain how those accounting records should be entered in the income and expenditure section of the self assessment tax return form. Self Assessment Tax Return Form And Tax Allowances The capital allowances section of the self assessment tax return form is the most difficult for people who are self employed and not conversant with at least a minimum knowledge of accounting and the tax system. Completing the self assessment tax return requires the self employed businessman to understand the tax system as applied to capital allowances that can be claimed against fixed assets. Save Money With Vat Schemes and the Vat Threshold Knowledge Base Value added tax is a tax payable by any taxable person or business on sales income unless exempted or zero rated when the annual level of sales reaches the vat threshold limit, raised to 64,000 pounds p.a. from 1st April 2007. Register for vat when the vat threshold is reached to enable vat input tax to be reclaimed and minimise vat liability with a vat scheme. Sales Accounting For Profit With Accounting Software Many small businesses concentrate on the job in hand and treat bookkeeping as an administrative burden. By adopting suitable business accounting software as an essential tool of the business the financial performance can be improved by taking positive management action on the sales and profit generated. Review DIY Accounting Paye and Payroll Software DIY Accounting Payroll Software is unusually written on a series of excel spreadsheet templates, Three versions of the small business payroll system are available dependent upon the number of employees, being a payroll solution for up to 5 employees, up to 10 employees and up to 20 employees. Review DIY Accounting Limited Company Accounting Software DIY Accounting Software for UK limited liability companies is a series of bookkeeping templates on excel spreadsheets, suitable for any small limited company producing an automated monthly profit and loss account and a set of final company accounts with balance sheet and notes ready for publication. Reducing The Paye Administration With Payroll Software Pay as you earn administration and maintaining payroll records is time consuming for all small businesses. The financial information and paye records are highly sensitive and must be scrupulously accurate since it may be inspected by the Inland Revenue and also carries legal responsibilities to the employees. Payroll Software can carry the paye burden. Product Review DIY Accounting Small Business Accounting Software UK DIY Accounting small business accounting software UK package is a series of templates written on excel spreadsheets, suitable for any self-employed business whether vat registered or not producing an automated monthly profit and loss account and an excel copy of the self assessment tax return form as the end products. Producing Taxi Driver Accounts with Tax Returns in less than 2 hours DIY Accounting produce a taxi driver accounts package for taxi drivers in the UK which consists of a series of templates written on excel spreadsheets, suitable for both taxi and courier / van drivers who wish to produce their own accounts with the benefit of generating an excel copy of the self assessment tax return form . Practical Self Employed Tax Tips to Save you Money UK Self employment carries the responsibility to sort out your own tax affairs, the first tip is to maintain good records of business income and expenses to minimise tax liability. With tax rates of up to 40%, tax is an essential area to achieve a degree of competence. Small Business Accounting Software and Payroll Software templates can ease the record keeping. Practical Self Employed Tax Tips Being Self Employed in the UK carries with it responsibility to sort out your own tax affairs, the first tax tip is to maintain good records of the business income and expenses to minimise tax liability. With tax rates of up to 40%, tax is an essential area to achieve a degree of competence. DIY Accounting produces both Accounting Software templates and Payroll Software templates that ease the record keeping. Payroll Essentials for New Employers An employee is anyone who works on a full time, part time or casual basis for the business and includes company directors. When you engage someone to work for you, you become their employer. Every employer operating a PAYE scheme must have an understanding of the HMCE payroll essentials. Payroll essentials that payroll software packages satisfy include both the knowledge to correctly calculate income tax and national insurance plus legal obligations to each employee. Pay As You Earn Wages And Salaries Tax Scheme Explained The PAYE system is a payroll administration system whereby employers deduct on a weekly or monthly basis income tax and national insurance contributions from employees wages and salaries. The PAYE administration involves the calculation of deductions, often performed by payroll software, and the tax returns and forms required by the tax authority which in the UK is the Inland Revenue. Pay As You Earn Tax Scheme Explained The PAYE system is a payroll administration system whereby employers deduct on a weekly or monthly basis income tax and national insurance contributions from employees wages and salaries. The PAYE administration involves the calculation of deductions, often performed by payroll software, and the tax returns and forms required by the tax authority which in the UK is the Inland Revenue. Outsourcing Payroll Compared With Payroll Software Every business that employs people is legally bound to run a payroll system. The three alternatives to satisfy the requirements are outsourcing payroll, using a payroll software package or calculating the payroll manually. The choice for business depends upon knowledge of the payroll system and the time and potential costs involved. Not Knowing The Rules Governing Employee Or Self Employed Status Could Cost Thousands When there is a doubt over status of a worker being an employee or self employed the employer must make the correct decision or face potential serious penalties relating to a change in status that can be applied retrospectively. In the absence of comprehensive legislation guidelines have emerged and must be applied to avoid potential unexpected liabilities of tens of thousands of pounds. No Frills Limited Liability Company Formation Registration of a limited liability company in the UK is not a complex business. Four documents are required to create a limited liability company. Documents which are available quite cheaply including the main company registration forms which are free. New Start Up Small Business Plan Every new business start up has a business plan that varies from a few brief thoughts, an idea or aspiration to a formal written business plan setting out all major elements. Preparing a business plan is essential if enterprise grants are to be applied for or money is being borrowed to fund the business start up. Potential lenders regard a business plan as essential. New Start Up Businesses Depend On The Entrepreneur Personal Qualties The success of every small business and especially a new start up business is dependent upon the personal qualities and abilities of the small business owner. Some skills and abilities are more important than others to an entrepreneur but rarely are all qualities are required and invariably some are essential to start your own business and make it a success. Most Popular And Important Paye Questions Top questions and answers employers and new employers ask in administering the PAYE scheme. Managing Stock Levels Can See Off The Credit Crunch By Improving Cash Flow When times get hard and 2008 has all the hallmarks of being a difficult financial year control over cash flow is critical. The best defence in these days of the credit crunch is to introduce and monitor cash flow liquidity at the earliest stage of which stock levels and inventory control can be crucial elements. Make Money with Two Tier Affiliate Program How an affiliate can make money with two tier affiliate program by being realistic, setting targets, ensuring quality relevant content, optimising the affiliate program content page and driving traffic through link popularity Limited Company Memorandum of Association A private limited company registered in the UK must have a Memorandum of Association that defines the scope, powers and objects of the limited liability company. The Memorandum of Association is vitally important as any transactions deemed to be outside the objects are not legally enforceable. Increase Small Business Profits Through Business Review And Planning There are several ways a business can improve profitability. The single most important tip for a small business owner is to take time out from the day to day routine and focus on the business and its activities. Emphasis being placed upon cost management a financial budget and business plan which should include sales and working capital requirements Incorporation and Limited Liability Company Formation in the UK The essentials required of a new limited liability company formation in the UK by incorporation and registration at Company House. Tax advantages and disadvantages of incorporation at current rates of corporation tax of a limited liability company and the protection a limited liability company offers to individuals considering incorporation How To Use Accounting Software To Solve Business Problems Inadequate accounting software and financial control is like building a house on top of a bonfire and not bothering to fit a fire alarm. 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