What is Accounts Receivable?
The unpaid invoices that a business has with its clients or customers for goods or services that have been provided is referred to as accounts receivable. Simply said, it’s money that is owed to a company but hasn’t yet been collected. Business-to-business (B2B) and business-to-customer (B2C) transactions frequently involve this. Example of Accounts Receivable Consider […]
What is accounts payable?
The money a company owes to its creditors, suppliers, and vendors for goods and services received is referred to as accounts payable. In plainer terms, it stands for the unpaid debts and commitments that a business must pay. This covers everything from the purchasing of products to paying for utilities and even business loans. Example […]
What Tax Deductions can I receive when Working from Home in 2023?
With an increasing number of individuals embracing remote work, the question of tax deductions has gained renewed relevance. The fusion of home and office spaces has spurred inquiries about the potential financial benefits of working from home. In this context, it becomes important to understand the tax deductions that individuals can leverage while working from […]
10 ways to manage your Family Finances
10 ways to manage your Family Finances When you have a family, it is important to take responsibility of your finances. Managing family finances involves careful planning, budgeting, and communication among family members. Here are some steps to help you effectively manage your family’s finances: 1. Create a Budget The foundation of successful financial management […]
What is Corporation Tax?
Corporation tax is paid when doing business as: a limited company, any foreign company with a UK branch/office, clubs, co-operative or other unincorporated association such as a community group or sport club. Sole traders and partnerships pay Capital Gains Tax as well as Income Tax on their business profits meaning that they don’t need to […]
HMRC Self Assessment help line closure
HMRC Self Assessment help line closure Recently the HMRC have announced that they have closed the telephone helpline for Self Assessments (0300 200 3310) over summer, reopening on 4 September 2023. As this is prior to the 2022/2023 Self Assessment tax return deadlines, taxpayers will be able to call the helpline and file a tax […]
How to register for Self Assessment – step by step guide
There are different ways to register for Self Assessment depending on whether you are self-employed (e.g. sole trader), not self-employed or registering a partner or partnership. In this blog post we’ll explain what needs done and how to do it. The deadline to register for Self Assessment is the 5th of October, make sure you […]
VAT Penalties and Interest changes
The new penalties for submitting and paying VAT returns late came into effect 1 January 2023. These will be replacing the default surcharge and will now apply to customers who submit nil or repayment returns. What will happen if you submit a late VAT return? If you submit a VAT return for periods that start […]
