http://www.a1articles.com en-us editorial@a1articles.com A new employer needs to register with HMRC as an employer and operate a PAYE scheme and make important checks on each new employee recruited and complete the initial paperwork to set up the employees pay records of tax national insurance and personal deta... http://www.a1articles.com/article_672309_19.html 21st October 2008 By adopting an approach of researching the opportunity and getting the administration right from the start the chance of success is increased, and that is important, as more new start up businesses go out of business leaving the sole trader with personal ... http://www.a1articles.com/article_661456_15.html 13th October 2008 It is preferable to maintain regular basic accounts as part of the financial control bearing in mind that all debts of the business are personal to the trader. By preparing monthly accounts cash flow can be managed more effectively and an estimate of futu... http://www.a1articles.com/article_661452_15.html 13th October 2008 A private limited company advantages include: 1. Limitation of Liability There is no distinction between business money and personal money for anyone self employed as all business debts are the personal responsibility of the sole trader. The private... http://www.a1articles.com/article_651855_15.html 29th September 2008 Virtually everyone in the UK is entitled to a personal allowance if they are resident in the UK which entitles them to tax free income, the amount of that tax free income being dependent on the size of the personal allowance according to the specific circ... http://www.a1articles.com/article_648703_19.html 25th September 2008 In order for a sole trader to be able to keep basic tax accounts certain conditions regarding the status of business accounts must be satisfied. Sales turnover should be under the vat threshold limit, a balance sheet not required, a business bank account ... http://www.a1articles.com/article_645449_19.html 23rd September 2008 Income tax is deducted by an employer from the gross salary of an employee according to the inland revenue tax percentage applicable to those earnings taking into account personal tax allowances and reliefs available. Income Tax percentage rates for Em... http://www.a1articles.com/article_644756_19.html 22nd September 2008 1. There can be a variety of reasons why a new employee does not have a P45 Whatever the reason if a new employee does not provide the new employer a P45 form on the day employment commences then the employer has a responsibility to submit the P46 form. ... http://www.a1articles.com/article_632505_19.html 09th September 2008 When a business registers for vat the vat rate should be added to all sales from the date of registration. The standard vat rate is 17.5 per cent of the sales value. The value added tax added to sales is known as the output tax. Value added tax paid to... http://www.a1articles.com/article_629448_19.html 09th September 2008 When a limited company is formed the founding subscribers and directors will decide the company name which when submitted forms part of the company registration.. First of all the last word in the name for company must be limited, unlimited or public l... http://www.a1articles.com/article_625224_15.html 08th September 2008 Tax accounting software for a private limited company in the UK includes the using accounting software to produce the vat tax return and calculate the company net profit with the tax software calculating the outstanding tax liability and producing an auto... http://www.a1articles.com/article_622235_19.html 05th September 2008 Tax accounting software has its basics in each of the three elements of the title. Accounting being the production of the financial accounts in a template format suitable for the tax system. Tax and tax software denotes the inclusion of the tax rules with... http://www.a1articles.com/article_621700_19.html 05th September 2008 Opportunities exist to advertise bookkeeping services although several do not justify the marketing investment. An essential first step is to determine all potential promotion areas, set an advertising budget for each sales channel and maintain a record o... http://www.a1articles.com/article_615719_19.html 02nd September 2008 Networking to increase the exposure of the bookkeeper and build the home bookkeeping services is the essential element to building a clientele of quality bookkeeping clients. Of particular relevance is meeting the owners of new start uop businesses who ar... http://www.a1articles.com/article_615593_19.html 02nd September 2008 The tax implications of balancing the salary paid, corporation tax liability and declaring dividends is in effect a dividend tax calculator and important in the dividends calculation. The gross salary is paid net after paye deductions for income tax wh... http://www.a1articles.com/article_611513_19.html 28th August 2008 The articles of association of each company limited by shares determines the formal procedures to be followed in respect of declaring company dividends, In the distribution of the company net profit after corporation tax dividends represent the amount of ... http://www.a1articles.com/article_611234_19.html 28th 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... http://www.a1articles.com/article_601243_15.html 16th 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... http://www.a1articles.com/article_598975_19.html 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... http://www.a1articles.com/article_598282_19.html 14th 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... http://www.a1articles.com/article_594342_19.html 12th August 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 ... http://www.a1articles.com/article_583685_19.html 22nd July 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. ... http://www.a1articles.com/article_560041_19.html 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... http://www.a1articles.com/article_559272_19.html 20th 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... http://www.a1articles.com/article_556064_19.html 13th 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... http://www.a1articles.com/article_555226_19.html 12th 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... http://www.a1articles.com/article_555142_19.html 11th June 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... http://www.a1articles.com/article_549709_19.html 30th 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... http://www.a1articles.com/article_548637_45.html 28th 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.... http://www.a1articles.com/article_546620_19.html 25th 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... http://www.a1articles.com/article_545770_19.html 23rd 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... http://www.a1articles.com/article_544171_19.html 21st May 2008 The threat of recession and economic disaster facing many areas of business, its effect on employment and income levels, personal debt and security of homes is solvable. If the root cause is not addressed then the financial crisis can only deepen causing ... http://www.a1articles.com/article_542722_18.html 21st May 2008 The best choice is often dependent upon the size of the business and the employment of full time accountants, accounting staff, bookkeepers or management of the accounting records by the proprietor. Every business needs to choose the most appropriate acco... http://www.a1articles.com/article_542582_19.html 20th May 2008 Anyone in business in the UK who is not incorporated into a limited company must complete a tax return of their financial affairs each year. For a number of years the specific tax return to be completed by everyone self employed was the self assessment ta... http://www.a1articles.com/article_531520_19.html 08th May 2008 When there is a doubt over status of a worker being an employee or self employed the employer must make the correct decision or face potential serious penalties relating to a change in status that can be applied retrospectively. In the absence of comprehe... http://www.a1articles.com/article_526985_15.html 01st May 2008 After the UK limited liability company formation documents have been submitted to Companies House to register the new company Companies House will then send notification to the new registered office that the new company has been incorporated with the Cert... http://www.a1articles.com/article_526563_19.html 30th April 2008 It is common practise for a UK employer to pay an employee expenses when that employee uses his own vehicle for business journeys. Often the amount paid is based upon a standard rate per mile which varies from employer to employer. There are tax issues ev... http://www.a1articles.com/article_517448_19.html 15th April 2008 Mileage allowances are approved rates at which anyone using a private vehicle for business journeys can claim tax free expenses for that journey. The approved mileage allowance for cars and vans is 40p per mile for the first 10,000 business miles and 2... http://www.a1articles.com/article_517355_19.html 15th April 2008 When a business buys a long term fixed asset it is normal to depreciate that capital asset over a number of years to smooth out the effect on net profit. Depreciation being a management decision is not allowed as a deductible taxable expense and while bei... http://www.a1articles.com/article_512353_19.html 07th April 2008 Small business owners are frequently totally involved in every business activity on a day to day basis. Such close hands on involvement has major advantages although not taking time out to focus on the factors affecting business profitability both as a wh... http://www.a1articles.com/article_511805_19.html 07th April 2008 A dormant company in the UK is defined as a company that has had no significant accounting transactions during its financial year. It is not sufficient that the company may not have traded if the company has had any accounting transactions at all with the... http://www.a1articles.com/article_511090_15.html 07th April 2008 Self employed business in the UK is required to produce a set of financial accounts for a 12 month trading period. The format of the accounts is the personal decision of the proprietor and can be a full set of annual accounts including profit and loss acc... http://www.a1articles.com/article_503291_19.html 02nd April 2008 When a private limited company is incorporated companies house advise the company of the accounting reference date and a set of financial accounts are required to be made up and submitted from the day of incorporation to this accounting reference date. Th... http://www.a1articles.com/article_502306_15.html 01st April 2008 Producing a cash flow is not difficult providing the business already has reasonable bookkeeping or accounting records. Manual accounts are fine although accounting software is likely to produce the best information base from which a cash flow forecast ca... http://www.a1articles.com/article_502153_19.html 01st April 2008 Sales turnover and net profits may follow a rollercoaster pattern familiar to most business but when the cash flow dries up the game is over. Cash flow management is critical not just to business performance but to business survival in the days and months... http://www.a1articles.com/article_501054_19.html 31st March 2008 Funding and investment are areas that a business might address to ensure the business has liquidity and working capital to survive the credit crunch Stock control management The objective is to reduce the level of stock which uses working capital wi... http://www.a1articles.com/article_498470_19.html 27th March 2008 The first sign of problems is often a reduction in net profit while the last post, literally the last post is a severe cash flow deficiency. Sound accounting procedures should produce financial control information on stock levels, debtors and creditors an... http://www.a1articles.com/article_497300_19.html 27th March 2008 Undoubtedly the best credit control initiative is to arrange the sales invoicing such that customers pay up front for goods and services. Despite care taken to exercise credit checks on new customers the actual payment experience is often more valuable in... http://www.a1articles.com/article_477648_19.html 20th February 2008 Having extraordinary skills and talent in a business area, being hardworking and determined, persistent, having great ideas and full of energy is a fantastic mix for a successful business career. But all those exquisite qualities mean nothing if the end r... http://www.a1articles.com/article_476844_15.html 19th February 2008 Finance companies and banks demand a written business plan before putting up financial support to a new business. All medium and large companies inevitably prepare a financial budget for the coming year. That should tell everyone that not producing a writ... http://www.a1articles.com/article_476541_15.html 19th February 2008