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 […]
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
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
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.