The Basics of Bookkeeping and Accounting

The new tax year is well underway so now is a good time to check your approach to your record keeping and make sure you are making the right decisions for you and your business. It is not always easy to know what those decisions are and sometimes your self-belief will dip a little. Don’t let the natural peaks and trough of business pull you dramatically in either direction – learn to keep a even path and keep tethering yourself back to it. For that to be possible you need a sound financial core at the heart of your business.
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Is your Accounting ready for Christmas?

If you are a retailer then you know exactly what I am talking about. September is in many ways the last month before the seasonal storm begins and that is for retailers and accountants alike. Accountants are hoping to get as many tax returns done as possible before the Christmas break and the January mania that follows it. Retailer are preparing for heavy footfall, massive online traffic and hoping their stock levels have been gauged perfectly. Autumn long nights represent the perfect opportunity for you to get your books ready for the seasonal peaks. There are many challenges placed on
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Resources for start-up businesses

If you are just starting your own business or expanding/taking on employees there is a lot you need to know and keep up to date with. Visit our handy downloads page to stay up to date with all the latest tax information and guidance on how to approach VAT, payroll, National Insurance contributions, self-assessment and bookkeeping. Use the links below to find out more of what you need to know: New starter checklist for Payroll https://www.abc-accounting-services.co.uk/perch/resources/basic-payroll-information.pdf  The basics of bookkeeping https://www.abc-accounting-services.co.uk/perch/resources/bookkeeping.pdf Self-Assessment explained https://www.abc-accounting-services.co.uk/perch/resources/1395927146selfassessment.pdf The basics of VAT – 2014 https://www.abc-accounting-services.co.uk/perch/resources/vat.pdf National Insurance Contributions – rates and allowances https://www.abc-accounting-services.co.uk/downloads.php 2014/15
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What is accounting and bookkeeping? Are you prepared?

They are familiar terms that we vaguely understand but try to avoid at all cost. The moment you gain a little of enthusiasm towards them and open a book, or scan a website to learn more, you retract in horror at what it involves! And yet, if you have a methodical system, maintain some legible records then you can survive that initial terrifying moment of realisation. Bookkeeping and Accounting all boils down to detailing your business income and expenditure. Simple bookkeeping For the most simple set of accounts you need: • a cash book to record money entering and leaving
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