VAT – Annual Accounting Scheme
The annual VAT scheme was created to simplify the accounting procedures for small businesses and also to reduce costs. It also has more advantages, like reducing the administration time and the associated costs, and helping you manage your cash flow. If you se this scheme for your business, you are only required to file one…
VAT schemes for small businesses
If you own a small business, you have several alternatives to the standard VAT accounting that you may consider. In some cases, these VAT schemes can save you time and money so let’s take a look at how each of these VAT schemes works. Cash Accounting Scheme The Cash Accounting Scheme basically means that your…
PAYE and payroll for employers
PAYE is the abbreviation from Pay As You Earn and it represents a system used by HMRC to collect the Tax and National Insurance. If you own a company and you have employees, you are required to deduct them from your employee’s gross income each month. (or each time they are paid). The tax and…
The difference between a Chartered Accountant and a Certified Accountant
Nowadays, most people consider that the difference between a Chartered Accountant and a Certified Accountant is negligible, since Chartered Accountant is simply the term used in England and Wales to describe what Americans would call a certified accountant. The History According to Association of Chartered Accountants, the Chartered Accountant term first appeared over 150 years…
Converting Manual Bookkeeping to a Computerised System
If you own a small company and you decided to move forward towards a computerised bookkeeping system, here are some of the most important things you should know. First of all, you need to know that the conversion might take more time then expected; it’s not just about starting fresh, you also have to make…
Payroll Processing Mistakes made by small businesses
Not calculating payroll correctly may lead to a series of problems, and if you own a small company and you have little experience with doing payroll, you may end up making costly mistakes. If you process the payroll for your small company, pay a lot of attention and try to verify several times. Also, make…
How to Calculate Payroll Manually
You can use payroll software to calculate your businesses payroll, since it may process the payroll faster than if done by hand and it also involves less calculation. However, if you own a small company, with no more then 10 employees, you can calculate the payroll manually and you may not need any payroll software….
How to find a qualified accountant?
“Accountant” can be the name that describes a whole range of different people that may or may not be qualified. In the UK, anyone can be an accountant or bookkeeper, without any professional qualifications or relevant experience in the field. This means you have the responsibility to search for a reliable accountant if you need…
Bookkeeping basics for the Self-Employed
Even if you don’t own a limited company, you work as self-employed and you have an accountant who does your taxes, you need to have some basic understanding of bookkeeping needs. This way, you can make sure to save the correct information so you can have accurate books for the year-end. Also, you will get…
DIY Accounting VS hiring an Accountant
There are a lot more types of accountancy and support services available for small business managers on the market now then 5 years ago. Small business managers can work with a specialised accountancy company, hire a freelancer or work with one of the hundreds of DIY accountancy software available. On one hand, it may seem…