Accountancy Basics Q&A

There are a range of questions accountancy firms get asked on a regular basis from serious stuff like ‘my turnover exceeded £81,000 one month but this was a freak occurrence – what do I do?’ to ‘can I call my business Froggy Feet Footwear or do you think that has been taken already?’ ABC Accounting Services is more than happy to answer any questions you may have whether you are a client or not. To start addressing some of the more common accountancy questions we are going to provide a Q&A blog once a month. Any questions you send in
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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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Flat Rate Scheme for VAT: How does it work?

There are those who champion it as a big money saver. Recently, we have had questions relating to this scheme from clients asking us how it works and if it would be beneficial for their business. We have had to reassure clients that if they qualify for this scheme then they have already been automatically placed on it. However, for those without an accountant this is certainly something you should look into and seek advice if you think you are eligible. There are cases where money can certainly be saved by using the flat rate scheme for VAT but you
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