In the first of a new series of 'Insights' Aben Bookkeeping talks Events Organiser Wes Game from Let's Do Business.
Let's do Business Brighton is taking place on 12 May 2016 at the Brighton Racecourse. Aben Bookkeeping will be exhibiting at the event. We are at stand no. 128 - do come and say hello!.
Wes Game - Let's do business
'We have been running...
How do you decide between cash basis accounting and accrual accounting, AKA tax accounting? You need to make the decision before you begin recording business transactions for HMRC, and the biggest difference concerns the way you record cash transactions.
Here's a common sense look at the difference between tax accounting and cash accounting, and what they might mean to your business.
About cash accounting
Cash accounting involves recording every single transaction you make at the point the money actually changes hands, either when you get a cash payment from a customer or make a payment to...
This year's January deadlines have passed, and the next big date on your tax calendar is 5 April, the end of the current tax year. In a week when the
Financial Times reported late tax returns netted £87m in fines for HMRC last year, it's clear late payment can leave you seriously out of pocket.
At Aben we thought it'd be helpful to let you know what to do if you miss a tax deadline, and provide dates for the remaining tax deadlines in 2016.
What to do if you miss a tax...
Tax relief - Which expenses are deductible?
Whether you're an employee or working as self-employed there are various tax relief expenses you can claim back. Which expenses are deductible and which aren't? Here's our simple guide to tax relief for employees and the self-employed.
Tax relief for employees
Here's what you can and can't claim tax relief on, as an employee.
Equipment for work
You might be able to get tax relief if you've used your own money for work equipment, but not if your employer has already given you an alternative. You can't...
Anyone with a taxable income not covered by PAYE should fill in a paper tax return and file it by the end of October. If you miss the paper deadline there's another, the 31st January, dedicated to online tax return submissions.
Around nine million of us fill in a tax return every year. And a fair few of us get it wrong. The UK's self-assessment tax form sends shivers down many a self-employed spine. Here's our quick guide to getting your self assessment tax return right.
First, double check you're eligible for a self assessment tax...
A bookkeeper is a bookkeeper. Right? Wrong. Some are better than others. So how do you pick out the best bookkeeping in Brighton, the worthiest bookkeepers in Worthing, the easiest bookkeepers in Eastbourne to work with? Here's some sensible advice.
Do they know your area?
A local bookkeeper is always a good idea, because you can actually go and see them in person. If they can come and see you – or work at your premises if needs be - even better.
Are they efficient and organised?
You expect your bookkeeper to be a...
Financial sector experts sometimes gets confused about the difference between a bookkeeper and an accountant. So it's no wonder business owners get the two mixed up. We thought, as a respected Sussex Bookkeeping firm, we'd make the whole thing as clear as possible for our readers. Here's which is which, and what each does.
The first thing to note is this: bookkeeping overlaps with accountancy. In fact bookkeeping is a subset of accountancy.
What is bookkeeping?
Bookkeeping is about keeping neat books in a business context, the first step in the accounting process....
Aben Bookkeeping recently attended the Let's do Business shows in Brighton and Hastings and as we talked to people visiting our stand, one of our most frequently asked questions was 'What does a bookkeeper do ?' It's a great question as we understand that many small businesses start off doing their own bookkeeping and are not really sure when they should make the transition to either outsourcing or employing a bookkeeper.
Put simply an Aben bookkeeper will:
Maintain and update your balance sheets.
A balance sheet shows your financial position to a specified date. It summarises...