Self Assessment – Mistakes to Avoid

Submitting your Self-Assessment Tax Return accurately and punctually is crucial to avoid penalties. Here are some key points to consider:  Selecting the Correct Accounting Method:  HMRC offers two simplified tax schemes for smaller businesses (sole traders or partnerships): ‘Cash Basis’ and ‘Simplified Expenses.’  Cash Basis: Record income and expenses based on actual cash transactions or […]

Self Assessment – Mistakes to Avoid Read More »

accrual vs cash

Accrual vs cash accounting 

What’s the difference?  The difference between accrual vs cash accounting is the difference between when you record revenue and expenses. Accrual accounting is far better for managing a business, but cash accounting also has its advantages.  Accrual basis accounting  Accrual basis accounting shows business revenue and equivalent expenses when they are generated—not when money changes

Accrual vs cash accounting  Read More »

accountant skills

Skills needed by an accountant

An accountant is quite often thought to be someone sat crunching numbers, but accounting really is so much more than the numbers. So, what is really required of an accountant?  Analytical  In times gone by, accountants performed all the manual data-entry and transformation tasks within spreadsheets, and then interpret the figures. Automation now manages all

Skills needed by an accountant Read More »

Accounting – historic profession

International Accounting Day started in 1972 and was celebrated annually on 10th November as a day to inspire those starting their careers to explore accounting as a profession. Now, half a century later, it marks a day to celebrate those in the accounting profession, and their contributions to the world of business and the economy.  

Accounting – historic profession Read More »