We consider the optional rules which allow small unincorporated businesses to calculate their profits for tax purposes on a cash basis rather than the normal accruals basis.
Accruals basis and cash basis
One example which illustrates the difference between the accruals basis and cash basis is that credit sales are included in the accruals basis accounts income despite the fact that the customer may not have paid for the goods or services by the end of the accounting period.
http://threekingsaccountingltd.co.uk/wp-content/uploads/2018/09/three-kings2.svg00matthttp://threekingsaccountingltd.co.uk/wp-content/uploads/2018/09/three-kings2.svgmatt2018-11-02 12:48:112018-05-22 11:11:35Cash Basis for the Self-Employed
If you are thinking of making a gift to charity, this factsheet summarises how to make tax-effective gifts. You can get tax relief on gifts to UK charities if you give:
under Gift Aid
through a Payroll Giving scheme, run by your employer, or
It is often considered an honour to act as a trustee for a charity and an opportunity to give something back to the community. However, becoming a trustee involves a certain commitment and level of responsibility which should not be underestimated.
It is often considered an honour to act as a trustee for a charity and an opportunity to give something back to the community. However, becoming a trustee involves a certain commitment and level of responsibility which should not be underestimated.
Keeping the company finances in good health is one of the hardest challenges facing any business owner, and cash flow management is undoubtedly an integral feature. After all, money tied up in assets or future transactions counts for very little if it isn’t supported by having the cold hard cash to get through the foreseeable future.
http://threekingsaccountingltd.co.uk/wp-content/uploads/2018/10/how-to-do-a-cash-flow-forecast-header-min.jpg4001200Vanessa Cresswellhttp://threekingsaccountingltd.co.uk/wp-content/uploads/2018/09/three-kings2.svgVanessa Cresswell2018-10-22 15:24:482018-10-22 15:24:48How To Do A Cash Flow Forecast
Local amateur sports clubs may wish to register with HMRC as Community Amateur Sports Clubs (CASCs) and benefit from a range of tax reliefs including Gift Aid. This factsheet considers the tax benefits and the registration requirements that clubs have to satisfy.
Due to the ever changing tax legislation and commercial factors affecting your company, it is advisable to carry out an annual review of your company’s tax position.
Pre-year end tax planning is important as the current year’s results can normally be predicted with some accuracy and time still exists to carry out any appropriate action.
Company legislation provides an opportunity for a business organisation to benefit from the protection of limited liability, separating the legal persona of the organisation from the individuals who own and run it.
In return for this protection a certain amount of information about a company must be publicly available including, for example, the company’s annual accounts, registered office address and details of directors, company secretary (if there is one) and members.
Cash Basis for the Self-Employed
/in FactSheet /by mattCash Basis for the Self-Employed
We consider the optional rules which allow small unincorporated businesses to calculate their profits for tax purposes on a cash basis rather than the normal accruals basis.
Accruals basis and cash basis
One example which illustrates the difference between the accruals basis and cash basis is that credit sales are included in the accruals basis accounts income despite the fact that the customer may not have paid for the goods or services by the end of the accounting period.
Charitable Giving
/in FactSheet /by mattCharitable Giving
If you are thinking of making a gift to charity, this factsheet summarises how to make tax-effective gifts. You can get tax relief on gifts to UK charities if you give:
Charities in Scotland: Trustees’ Responsibilities
/in FactSheet /by mattCharities in Scotland: Trustees’ Responsibilities
It is often considered an honour to act as a trustee for a charity and an opportunity to give something back to the community. However, becoming a trustee involves a certain commitment and level of responsibility which should not be underestimated.
Charities: Trustees’ Responsibilities
/in FactSheet /by mattCharities: Trustees’ Responsibilities
It is often considered an honour to act as a trustee for a charity and an opportunity to give something back to the community. However, becoming a trustee involves a certain commitment and level of responsibility which should not be underestimated.
How To Do A Cash Flow Forecast
/0 Comments/in Tools /by Vanessa CresswellHow To Do A Cash Flow Forecast
Keeping the company finances in good health is one of the hardest challenges facing any business owner, and cash flow management is undoubtedly an integral feature. After all, money tied up in assets or future transactions counts for very little if it isn’t supported by having the cold hard cash to get through the foreseeable future.
Community Amateur Sports Clubs
/in FactSheet /by mattCommunity Amateur Sports Clubs
Local amateur sports clubs may wish to register with HMRC as Community Amateur Sports Clubs (CASCs) and benefit from a range of tax reliefs including Gift Aid. This factsheet considers the tax benefits and the registration requirements that clubs have to satisfy.
Companies – Tax Saving Opportunities
/in FactSheet /by mattCompanies - Tax Saving Opportunities
Due to the ever changing tax legislation and commercial factors affecting your company, it is advisable to carry out an annual review of your company’s tax position.
Pre-year end tax planning is important as the current year’s results can normally be predicted with some accuracy and time still exists to carry out any appropriate action.
Company Secretarial Duties
/in FactSheet /by mattCompany Secretarial Duties
Company legislation provides an opportunity for a business organisation to benefit from the protection of limited liability, separating the legal persona of the organisation from the individuals who own and run it.
In return for this protection a certain amount of information about a company must be publicly available including, for example, the company’s annual accounts, registered office address and details of directors, company secretary (if there is one) and members.