Categories for Accountant Cornwall

The Essential Guide to Business VAT

FAQ Accounting Questions for Business Start-Ups

You have a great idea, you’ve got a website and your business is starting to take orders/turnover money, so now what? On top of the day to day running of your business you also need to make sure you aware of your reporting responsibilities. Accounting can be a very complex area and you may feel a little out of your depth. So what are the most common accounting questions for business start ups?

Why does your business need management accounting?

What are management accounts? Management accounts are different from the day to day bookkeeping, though they do rely on the bookkeeping to be done correctly. Management accounts are the financial reports used by business owners and managers to provide a financial snapshot of the business. They can help see how well you have done over a certain period of time e.g. have profits increased through to looking at key performance indicators such as how long on average customers take to pay you.

What is the tax life cycle

What is the tax life cycle and how does it affect my business? The tax life cycle is a way of paying tax by sending a return to HMRC each year. It affects every self employed person as HMRC will require you report your income and expenditure. If your trading income is less then £1000 per tax year you may not need to submit one.

Everything you need to know about Xero