Category Archive for 'Saving Money'

The Consequences of Being Inside IR35

The financial consequences of being inside IR35 are mainly (there are other consequences) you lose the tax-avoidance facility of dividends. 
Essentially, if you are within IR35, you must calculate a “deemed payment” and pay NICs and PAYE (tax) on that deemed payment.
The tax-deductible amounts that you can claim in travel and expenses will also be affected.

Say no to 0870

… and other non-geographic numbers.
In recent years, more and more companies have been moving to “non-geographic” numbers (generally with a dialing code starting with 05 and 08, or worse still, a premium number which begins with 09).
If you have an inclusive tarif which means that all calls to geographical landlines are “free” (well, included in [...]

Online Banking

Online banking is now normal for many individuals and businesses.  It is great for keeping right up to date with your bank transactions.  It’s also a great way to save money:  many banks will charge business customers for processing cheques (either drawn by the business or paid in), however some banks will not charge for [...]

Why do a Bank Reconciliation

The point of carrying out a bank reconciliation is to check that nothing has been missed from the business’s records and also to ensure that there have been no bank errors.
A business’s cash book will rarely agree to the bank statement and it can be easy to miss transactions, such as direct debit payments if a [...]

Other Things To Do when Renaming your Company

People to tell: 

Your customers
Your employees
 Your suppliers
Your bank
HMRC (the tax man)
Professional bodies/trade associations

 Other things to do:

maximise the marketing opportunity
change your business stationery
obtain a new domain name and relaunch your website.
update all your advertisements

Choosing an Accounts Package

I’ve recently been in the position of choosing accounting software, so this has been forefront of my mind.  This is a (by no means exhaustive) list of things to consider (in no particular order). 

price
functionality
ease of use/user friendliness
accounting knowledge
upgradeability
upgrade cost
ongoing support costs
flexibility
does it meet your legal obligations

Why use Accounting Software

The whole point of using accounting software is to make your life easier by saving you time and money.  Therefore, if it doesn’t and you can meet your legal requirements without it, you should question whether it’s worth the effort.
It should save you time because:

the whole process of bookkeeping should be faster (although setting up a [...]

Appropriate Bookkeeping

It’s important to remember that, over and above meeting legal requirements, day-to-day accounts are there to serve the business and not the other way round.
It is not always appropriate to keep full double-entry accounting records.  Indeed, for many businesses, it would be a mistake that would be costly in time and effort for very little return.  [...]

Simple Sales Ledger in Excel IV

To use the sales ledger spreadsheet is easy.  Just record all your sales invoices as you raise them.  Allow one row per invoice.
Enter the total amounts in columns D and E (if VAT registered) and check that the figure in column F is as you have put in your actual sales invoice.
If you give different periods [...]

Advantages of Double Entry Bookkeeping

Double Entry Bookkeeping dates back to Venice, 1494.  As it’s name suggests, it means that every transaction is entered twice into the “books” of a business.  Once as a debit and once as a credit. (How this works in detail will be the subject of a later post)

It provides a specific means of dealing with [...]

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