*Accounts which may be present in the general ledger include: plant and machinery at cost (fixed asset) motor vehicles at cost (fixed asset) various provisions for depreciation (liability) proprietor’s/shareholders’ capital (liability) stocks (current asset) total debtors (current asset) total creditors (current liability) wages and salaries (expense) rent and rates (expense) advertising (expense) sales (income) The [read more]
Nominal Ledger*The nominal ledger summarises the finances of a business. It contains details of assets, liabilities and capital, income and expentiure and therefore profit and loss. It is made up of a large number of different accounts (and are frequently subdivided for convenience, ease, confidentiality or security). The nominal ledger is often referrered to as the [read more] |
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Back Again*Well, the VAT returns have been done and it’s back to the blog, which has been sorely neglected of late. I have also been reminded of how handy Excel is as a fallback, even though it isn’t necessarily the best tool for the job, it’s relatively painless, reasonably straightforward and fairly easy to follow the “audit trail”. [read more] |
Harry Potter Mania*This week and next week are proving to be extremely busy. So busy that I wont even get time to read the latest Harry Potter book. However, I am not complaining: there is a pleasing symmetry about a completed VAT return – is that a sad admission? In a few days time, I will be [read more] |
Change in Company Car Fuel Rates*From 1 August 2007, HMRC are changing the fuel rate for company cars (which is the fuel element of the mileage rate). Unfortunately, the mileage rates themselves are not changing. * |
Special VAT Schemes*Retail Schemes These, as you can imagine, are for use in connection with retail supplies. Most VAT registered businesses take their output VAT from their sales invoices, but for retailers this is not practical due to the large number of sales made directly to the public. The retail schemes provide a way for businesses to determine [read more] |
