It’s been a couple of weeks since the new UK government announced its 2015 Summer Budget. Many of the tax changes which will take effect from April 2016 are not completely clear and we won’t have full details until nearer the time. Now that the dust has settled a little, here is a summary of … Continue reading
Thinking of buying a Franchise?
How to Account for Upfront Franchise Fees A Quick Overview for Franchised Businesses operated via a Limited Company Upfront franchise fees are fees that a franchisee pays a franchisor for the rights to use the franchise name and other services over a specific period of time as agreed in the franchise contract. The franchise … Continue reading
Cash is King – how to keep it flowing in your business! Part 2
STEP 2/5. Improve Cashflow by being TOUGH ON CREDIT My first job back in the late1980’s was with an international book publisher. The company offered customers credit terms of between 30 days and 90 days from date of invoice, depending on the size of the order/customer and the country they were situated in. It’s fair … Continue reading
Cash is King – How to keep it flowing in your business! Part 1
We all know the phrase ‘Cash is King‘ or have heard that cash is ‘the lifeblood‘ of a business. I like the analogy of a business being like a high performance engine: Without the necessary fuel and oil required for a journey, your car engine will eventually grind to a halt. You’ll be stuck somewhere … Continue reading
Budget 2013 – Simple Summary
Whilst the Budget documentation might be an interesting read for some, not everyone has the time to wade through it and consider the ramifications. So to help, here is a brief overview summarising the changes. (Click on the Briefcase below for more details.) Personal Tax The 2013 Budget saw no changes to the 2013-14 rates and allowances … Continue reading
7 Things to do before the End of the Tax Year
There’s been all the usual hype this week about the 2013 Budget, which essentially looks at future tax years. Let me direct your focus back to the CURRENT 2012/13 tax year which ends on 5th April (31st March for companies). Here’s a checklist of 7 simple things you can do to potentially REDUCE your next tax bill … Continue reading
Why does our tax year end on 5th April?
Well, initially the Inland Revenue fixed on 4th April as the end of the tax year in 1752, when Britain adopted the Gregorian calendar. Up until this point, the start of the tax year was 25th March, the old New Year’s Day. In order to catch up with the rest of Europe which had moved to the new system … Continue reading
The origins of Double Entry Accounting
Love it or hate it, double entry bookkeeping is the basic principle upon which modern accounting systems are based. The method was used by Venetian merchants during the Italian Renaissance and was documented by a Cistercian monk called Luci Pacioli in his book “Summa de arithmetica, geometria, proportioni et proportionalità (Venice 1494). “The system he published included most of the … Continue reading
Bookkeeper or Accountant – What’s the difference?
I am often asked this question by prospective clients. I believe the two specialisms to be complimentary and necessary sectors of the same profession. Indeed, many accountants in the UK employ bookkeepers and offer full bookkeeping, accountancy and tax solutions to their clients. So why the confusion? I think it’s a combination of several factors: overlap in terms of services provided … Continue reading
Working Numbers Testimonial to the Fairy Blog Mother!
I have decided to make my first blog entry a testimonial to Alice Elliott aka Fairy Blog Mother. I heard about Alice via a Success Network newsletter and arranged a chat with her. Alice came to visit me and within literally minutes she had me downloading WordPress and creating my Working Numbers Accountants blog account! No fuss, no … Continue reading
