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Terry Cartwright's Articles Display Category|Title|Newest|Oldest Save Money With Small Business Accounting 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. Use Accounting Software To Stave Off Business Problems 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. Most Frequently Asked Paye Questions And Answers 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. Suitable Accounting Software Exists For All Business Sizes Many types of accounting software exist to record the financial transactions of business and provide the management with financial control to achieve the profit and loss performance required. The correct choice is highly dependent upon the size of the business and the degree of sophistication and financial control required. Accouting Software Is A Tool To Make Business More Profitable Big business uses the financial function and accounting software to analyse and improve financial performance through financial control and the exploitation of opportunities. Small business has a serious problem of viewing accounting software as an administrative headache for annual tax purposes missing the valuable opportunities the financial system can provide. Essential Bookkeeping Software Tools Are Simple Accounting Spreadsheets Accurate financial records must be kept by every business and bookkeeping software spreadsheets can satisfy this requirement. Further by adopting a simple accounting system the small business can use the bookkeeping spreadsheets to both manage financial control over the business and complete the essential task of reporting for tax purposes. Are Bookkeeping Services Or DIY Bookkeeping Software The Best Option All small businesses have to choose between keeping manual records of financial transactions and the benefits, advantages and disadvantages of utilising bookkeeping software and or employing bookkeeping services for this purpose. The correct choice will vary from business to business but a choice should be made to achieve the best financial performance. Financial Control Using Self Employed Single Entry Bookkeeping System Single entry bookkeeping is an accounting practise that can be employed by small business and in particular self employed business where a balance sheet is not required for financial control or tax purposes. A self employed bookkeeping system is basically the production of an income and expenditure account to produce a net taxable profit for tax purposes. Bookkeepers And Accountants Choose Double Entry Bookkeeping For Accuracy 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. Filling The Self Assessment Tax Return Detailed Profit And Loss Account 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. Single Entry Is Simple While Double Entry Bookkeeping May Be The Only Option 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. Self Employment Registration 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 Form And Capital 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. Payroll Software Reduces The Paye Administration 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. Small Business Accounting Software Can Improve 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. Taxi Drivers Miss 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. Rules Governing Articles of Association During A Company Formation The Articles of Association of a limited liability company are an essential element of any limited company formation since the Articles of Association set out the rules and regulations by which the internal affairs of the company are governed. Essential requirements of a Limited Company Memorandum of Association Every 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. Product 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. Product Review DIY Accounting Small Business Accounting Software 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. 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. Benefits of Limited Company Formation The essentials ingredients required for company formation of a new limited liability company in the UK. Tax advantages are an important consideration with corporation tax changing over the next period from 2007 - 2010 while incorporation of a limited liability company carries several other advantages and disadvantages. Advantages of Small Business Payroll Software Running a successful small business presupposes the proprietor is Jack of all Trades when in reality the truth is they are Master of One. Payroll is one part of business management where expertise is required. Mastering the PAYE system is an essential function with substantial adherence to legislation and the needs and motivation of its employees. Choosing small business payroll software can carry this burden. Payroll Essentials for New Employers 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. Corporation Tax Corporation Tax is a tax on a company’s taxable income or profits. A company being any limited company whether by shares or guarantee, members clubs and associations, trade and housing associations and co-operative groups. A company tax return consists of the completed Corporation Tax Return form CT600 and the annual financial accounts and statements which support the tax calculation. Value Added Tax, Vat Schemes and Vat Thresholds 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 p.a. from 1st April 2007. Vat output tax is payable on total sales whether a business has registered for vat or not. 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. 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 and a higher tax rate. These frequently asked questions can help avoid interest and penalties with a few tax tips.	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