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Independent accountant with vast experience. Personalised service for individuals & businesses. Expertise in tax returns, VAT, bookkeeping, and more
People often grapple with the complexities of financial matters, unsure of how to navigate the intricate world of taxes and accounting. As your local accountant and tax consultant, I bring years of independent practice to the table, ensuring you’re not just getting a service, but a partnership.
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My comprehensive accountancy services range from Self Assessment Tax Returns, CIS Tax Rebates, Bookkeeping, Payroll, Strategic Tax Planning and VAT Returns to Company Registration & Accounting.
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Cash basis accounting recognises revenue when cash is received and expenses when they are paid. This method doesn't consider receivables or payables. Accrual accounting, on the other hand, recognises income when it's earned and expenses when they're billed (not when the transaction takes place).
For instance, if you provide a service in December but don't get paid until January, under cash basis accounting, the income would be recognised in January, but under accrual accounting, it would be recognised in December.
Ideally, a small business should reconcile its accounts monthly.
Regular reconciliation ensures accuracy, helps in identifying any discrepancies early on, and allows business owners to have a clearer picture of their financial health.
In the context of self-assessment tax returns, allowable business expenses reduce your profit and, subsequently, your tax bill. Common deductible expenses include office rent, stationery, business phone bills, advertising and marketing costs, and certain travel costs.
However, costs like client entertainment or fines for late payment of taxes aren't deductible. Always maintain receipts and records to validate your claims.
Business assets have a useful life extending beyond the current tax year (like machinery or a company vehicle) and are capitalised and depreciated over time. Expenses, meanwhile, benefit the business only in the current tax year.
For instance, the cost of a printer (asset) is capitalised and depreciated, but paper and ink (expenses) are deducted in the year they're purchased.
Yes, if you're registered for self-assessment, you need to file a tax return even if your business didn't make a profit. It helps HMRC understand your business activities and ensures you're meeting your reporting obligations.
Additionally, reporting a loss can be beneficial as it might be offset against other income or carried forward to offset against future profits.