What is the difference between Gross and Net Income? Both figures appear on the profit and loss account. Below we look at the breakdown of the profit and loss account or income statement and explain each section. What is Turnover? Turnover is the gross income of the business. It can include income from products and Read More
Bookkeeping Blog
Top 5 Free Accounting Software
Are you looking for the best free accounting software in 2019? As a small business or just starting out, finding a free accounting package can be a good start with your bookkeeping. As your business grows, you may need to upgrade the software. Our guide will provide the best solutions for free accounting software. Each Read More
Separate Business Bank Account
Do I need a separate Business Bank Account? Starting a new business can be tricky, especially if it is all new to you. There are enterprises to help guide you through the process, and your bank may have resources to help. Having a separate bank account from your personal account may make your accounting easier. Read More
What is a Sole Trader
What is a sole trader? A sole trader definition is a person that sets up business on their own and do not work for another business. In the UK this is one of the most popular small business formations. A sole trader will also be self-employed and will need to register with HMRC. They can Read More
The Importance of Bookkeeping
Are you wondering what the importance of bookkeeping is? You may be an expert at running your business, getting new sales and dealing with suppliers. Some small businesses do not see the importance of bookkeeping and leave it all to the last minute. It is important to keep your bookkeeping up to date. There may Read More
Bookkeeping Tasks
There are many bookkeeping tasks to complete as either a bookkeeper or small business owner. Complete bookkeeping duties on either a daily, monthly, quarterly or annual basis depending on what they are. Getting into the routine of completing bookkeeping on a regular basis can save the time and heartache of having to rush it when Read More
House of Lords wants to slow down Making Tax Digital
The House of Lords wants to slow down Making Tax Digital (MTD). It is due to be introduced to businesses that are VAT registered from 1st April 2019. It is estimated that without the delay 1.2 million businesses will start MTD from next year. All businesses with an annual turnover of more than £85,000, or Read More
Bookkeeping Business Names
Are you looking for Bookkeeping Business Names? Trying to choose the best name for your new bookkeeping business is important. The name will be one of the first things that a potential client will see. Try coming up with a few different names and then choose the best one. Your name is all part of Read More
Bookkeeping Templates for Self Employed
Are you looking for bookkeeping templates for self employed? Business Accounting Basics have several Excel Spreadsheets that can help to improve your bookkeeping procedures. All templates are free to download and easy to use. As a small business owner, it is easy to put your accounts to one side and concentrate on the sales and Read More
Bookkeeping for Self Employed
Are you looking for bookkeeping for self employed? If you are either a sole trader or in a partnership, you will need to register as self-employed with HMRC. You will be required to complete a self assessment tax return on an annual basis. Read our information on registering as self employed. On a self-assessment tax Read More
Making Tax Digital VAT
The first phase of making tax digital VAT will come into force from April 2019. HMRC had delayed the date, but they are now working closely with software companies to achieve the new deadline. Making Tax Digital what does it mean for me? If your business has income over £85,000 per year, you must register Read More
Xero becoming popular accounting software
Xero is becoming a popular accounting software around the world. They have just announced their growth figures and have reported 43% growth. The UK market has seen an additional 79,000 users during the last year, with a total of 212,000 now using it. Worldwide there saw an additional 318,000 subscribers. Why is Xero so Popular Read More
Making Tax Digital for Business
Making tax digital for business will start affecting the smaller businesses which are not registered for VAT. It is expected to commence in April 2019. It is still unclear from HMRC if it will include all small businesses or if very small ones will be excluded. Small companies will have to submit their accounts online Read More