One of the acceptable methods to value stock is at the lower of cost and net realisable value (NRV). NRV is broadly defined as the estimated selling price of an asset less any disposal costs.
HMRC provides the following guidance in their Business
From 1 August 2020 onwards, it is intended that the shielding programme will be “paused” in England so clinically extremely vulnerable people will no longer be advised to shield. From an employment perspective, this means that, if they
You may have come across the terms debit and credit and perhaps wondered exactly what do they mean?
Certainly, if you are a bookkeeper or accountant you will or should understand their significance.
The first book on the subject was written by
Literally, the word depreciation means a reduction in the value of an asset over time. It recognises the fact that if you buy assets for your business – cars, plant, computers etc – as time marches on the value of those assets will
Most of us fire-fight on a daily basis. We face distractions from multiple directions and basically have no time to surface from that activity to see what else may require our attention.
Any plans that we had for our day can be dashed by new
1 July 2020 – Due date for Corporation Tax due for the year ended 30 September 2019.
6 July 2020 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs.
19 July 2020 – Pay Class 1A NICs (by the 22 July
The VAT Flat Rate scheme is intended to simplify the way a business accounts for VAT and reduce the administration costs of complying with the VAT legislation. There can also be a decent VAT saving for those using the scheme.
The scheme is only open
The assessment of self-employed or partnerships profits is usually relatively straight-forward if the accounting date, to which annual accounts are prepared, falls between 31 March and 5 April. However, overlap profits can arise where a business year
The cash basis scheme helps many sole traders and other unincorporated businesses who benefit from a simpler way of managing their financial affairs. The scheme is not open to limited companies and limited liability partnerships. The scheme allows
If you are self-employed – this article does not apply to the directors and shareholders of limited companies – there is often a mis-match between the amount you draw from your business and your tax bill.
When times are good profits may