Author Information
Terry Cartwright
Member since 02nd January 2007
Displaying 1 to 15 (of 70 articles)
16th August 2008
The first stage is to ensure the organisational chart clearly represents the management responsibility of each department and activity area. Financial accountancy and cost accounting should be integrated and aligned to enable detailed management informati...
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14th August 2008
Fixed assets are the long term items the business owns which the business has acquired and uses to generate business over a number of years. Fixed assets consist of tangible items such as land and buildings, plant and machinery, fixtures and fittings, veh...
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14th August 2008
Income tax and national insurance contributions must be calculated and deducted from the employee each pay period, payslips produced for each employee and the tax liability accounted for and paid over to the inland revenue office. Calculating the deductio...
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12th August 2008
To qualify for being able to file shortened accounts a small company should satisfy at least two of three conditions. The three exemption conditions prior to April 2008 were that annual turnover is less than 5.6 million pounds, balance sheet total is less...
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22nd July 2008
Five proactive steps a business can take to beat the credit squeeze including business finance, planning and taking a positive approach to meeting and solving the problems that might arise.
The credit squeeze is a fact of business life and is not just ...
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20th June 2008
Cost accounting is a complex subject that specialist accountants use to examine and report on business expenses to ensure financial control. Such expert cost accounting might involve absorption costing, marginal costing, break even and variance analysis. ...
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20th June 2008
It is a natural phenomenon for small business to be deeply involved in the particular skills and operations of the business. A fundamental issue that many small businesses overlook is that the particular industry in which they work and their personal skil...
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13th June 2008
Marginal costing is an accounting term in which costs and expenses are identified by their variability according to the volume of goods bought or produced. By analysing costs according to the variability in prices can significantly improve profit efficien...
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12th June 2008
Bookkeeping based upon cash accounting principles is the easiest accountancy practise but not necessarily the most accurate or beneficial for tax purposes for the business. This is because cash accounting adopts the date of financial documents such as sal...
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11th June 2008
When the tax authority investigate the small business tax return deficiencies in the record keeping and accounting, lack of tax knowledge by the enquired and professionalism by the tax inspector often results in a higher tax bill.
A solid system of boo...
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30th May 2008
The most common questions and the answers which have arisen over the past few years assist other cab drivers who may encounter similar taxi accounts questions.
Entering the mileage covered by the taxi is optional as the cabsmart package automatically c...
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28th May 2008
The most common questions arising in installing accounting spreadfsheets generally involves understanding the way the spreadsheets have to be saved to avoid the linking structure between the bookkeeping sheets being broken.
This problem is because a po...
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25th May 2008
The costs of goods, materials or services purchased by a business which are for private use are not allowable for tax purposes. The disallowed element also applies to goods and materials bought for business use which are subsequently used for private use....
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23rd May 2008
Allowable costs for tax purposes include the cost of goods bought for resale including the cost of raw materials and all costs of production after adjusting the cost of sales for changes to the opening and closing stock of stock including stores being hel...
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21st May 2008
Tax authorities are often relaxed about the need for small business to prepare and produce formal accounting records. Often the requirement is simply that each business retains sufficient financial records to support the accounts submitted.
Such advice...
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