Capital allowances

Capital allowances are claims on your tax return that will have a shelf life of 2 or more years and cannot be sold on as stock. these usually refer to:

  • Vehicles used for work
  • Machinery
  • Tools

Record keeping

You should always keep records to help when it comes to your accounting. Some useful records to keep are:

  • bank transactions (business account only)
  • cheque stubs
  • credit card/company card statements
  • invoices
  • recipts
  • VAT records (if registered)

Self employed help

If you’re self emplopyed and need a little help with knowing what you can and cannot claim on your tax return then you’ve come to the right place. In this post we will give a list of what you’re allowed to claim as expenses.
For travel costs you can claim different expenses on how you travel. If you use your own car you can claim vehicle insurance, repairs, parking and fuel (only business usage).Other claims can include vehicle license fees, breakdown cover, hotel rooms, meals on overnight business trips and train, bus, air or taxi fares.

Keeping records for business

Keeping records for business – what you need to know
We all need to keep financial records for various reasons. If you fill in a tax return, VAT return or claim benefits or tax credits, there are some special rules.
Here we tell you:

  • Why you need to keep records
  • What records you should keep
  • How long you should keep them for
  • Where to get further advice.

Legal structures

To put your business on a proper footing with HM Revenue & Customs (HMRC) and other authorities, you need to make sure that it has the right legal structure. It’s worth thinking carefully about which structure best suits the way that you do business, as this will affect

Cashflow management

Cash is the oxygen that enables a business to survive and prosper and is the primary indicator of business health. While a business can survive for a short time without sales or profits, without cash it will die. For this reason the inflow and outflow of cash need careful monitoring and management.
This guide looks at the key elements of cashflow and at how effective cashflow management will help protect the financial security of your business. It outlines the steps that you can take when dealing with your customers, suppliers and stakeholders to improve cashflow. It also highlights common cashflow problems and how to avoid them.

The accounting equation

Bookkeeping is when someone records the transactions of a business for example goods and services which have been purchased and paying expenses. Whereas accounting is when the book-keeping records are being used for some purpose, for example comparing business activity from one period to another. Accounting involves analysing and interpreting data, bookkeeping does not involve this.