Accounting for accrued income

Accounting for accrued income

Accrued income is income that you have earned but not yet received. There are a few different types of accrued income you might need to deal with so this blog discusses why accounting for accrued income is necessary and how to do it.

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What do I need to do as a CIS contractor?

If you work in the construction industry and you use sub-contractors, you are responsible for ensuring that you follow the Construction Industry Scheme (CIS) taxation rules which require you to make advance tax payments to HMRC for those subcontractors.

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Accounting for a lease

When your business buys an asset, such as a piece of machinery, the cost of the asset is added to the balance sheet. However, if you lease an asset rather than buy it, the treatment is different depending on the nature of the transaction.

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Bookkeeping for freelancers: 8 Mistakes to Avoid for sole traders

Most bookkeeping for freelancers is relatively straightforward compared to limited or public liability companies. Depending on your turnover you might have VAT to deal with but sole trader freelancers who are using the cash method of accounting don’t have to worry about accruals, prepayments and other more complicated aspects of accounting.

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What to look for in a bookkeeper for a small business

Business bookkeeping is the foundation of all your accounting and finance reporting. Without timely accurate bookkeeping, you won’t be able to make informed decision when you need to. Finding the right bookkeeper for a small business is crucial to ensuring your company finances stay on track. Here’s what you should consider.

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Forming a company in the UK – accounting for startups

Forming a company is exciting. You’ve got loads of great ideas for your products and services, but what about all the formalities and legalities? This is where many business owners need a little bit of support to get things set up correctly. This article looks at forming a company in the UK and covers why you might need a limited company, the process of registering your company and some of the technicalities to consider when starting a business.

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Looking for tax advice for your Kent based business?

Whether you are a brasserie in Bexley or a signwriter in Sidcup, you need solid tax support from an accountancy firm that’s local to you. If you’re a small business based in Southeast London or Kent looking for tax advice, you’ve come to the right blog. We work with many clients who have businesses in the Bexley and Dartford areas as well as further afield in Kent and London.

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Outsourcing bookkeeping for small businesses

If you are a small business owner, there’s never nothing to do. You’re responsible for sales, marketing, admin, recruitment, people management and, of course, finance. You probably didn’t go into business to be weighed down by all these tasks. Bookkeeping is one of the most time-consuming and frustrating tasks for many small business owners.

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Ten benefits of doing your tax return early

Imagine it’s 15th January 2024. What’s on your list of jobs to get done this week? If you are like many people, then it will be the ‘dreaded tax return.’ January is a very busy time in the tax accounting world because so many people leave the return to the last minute.

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What is Xero: A simple introduction

If you have recently started up as a new company, or are looking for ways to better the processes in your small business, you may or may not be familiar with the software ‘Xero’. Xero is a leading accounting software used within start-up businesses and SMEs in the UK.

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Upcoming Finance and Tax Changes April 2023

Following the Chancellors March Budget 2023 update, this blog looks at the main tax rates for 2023/24 including some of the changes just announced affecting businesses in England and Northern Ireland. For tax rates for Scotland and Wales, visit the Government website.

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Paying National Insurance when self-employed [how-to]

If you’re self-employed, you may know that the guidance around what you need to pay and when can be a little spotty. You may have been caught off guard at the realisation that you have to pay National Insurance on top of your income tax – when you’re employed traditionally this is all handled for you.

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What are the requirements for a VAT invoice?

A UK VAT (Value Added Tax) invoice is a document issued by a business to its customers for goods or services sold. It is an essential record for both the seller and the buyer as it serves as proof of transaction and helps in calculating the VAT owed to the government.

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CIS vs. PAYE – Understanding the differences

PAYE employees and CIS subcontractors have tax deducted from their monthly payments but their legal and tax positions are very different. Find out more…Whether you’re on the payroll of an umbrella company or you use the Construction Industry Scheme depends on how the company you are working for sets things up with their workers.

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Find An Accountant Near You

Finding the right accountant to manage your finances can be a difficult and daunting task. With this short guide, you’ll get tips on how to research and choose an accountant near you that is trustworthy and meets your needs. Start now and make sure your accounting and bookkeeping is stress-free this year.

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Valuable accountancy tips for your business start-up

If you have plans to begin a business start-up, you’re probably well aware that there are a lot of things to think about. There’s one aspect of running a business that people often get stressed about, especially if they don’t know much about it, and that’s accounting. Keeping the books balanced and making future plans for your business’s finances can seem intimidating. That’s where our tips for business start-ups will come in handy!

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Everything you need to know about balance sheets

Everything you need to know about balance sheets A balance sheet is an important document to have for your business. This is a financial statement that can report a company’s assets, liabilities, and shareholder equities at any specific point of time. This can provide valuable information about the financial position of the company. A business…

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Your guide on Capital Gains Tax

If you have been wondering all about Capital Gains Tax and how it may affect you, we are here to answer your questions. You might be asking, what is Capital Gains Tax? How do I calculate it? Here is your easy guide to Capital Gains Tax and how it may impact you during this tax year.

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A guide to bookkeeping

If you run a business of any size, you’ll probably have heard of the term ‘bookkeeping’. Bookkeeping is an essential part of running your business smoothly, allowing you to…

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