Latest Accounts and bookkeeping Questions & Answers
- 1 | 2 | 3
- Next Page »
Do balance sheets differ between company types?
What are the different items listed on a sole trader P&L account and balance sheet compared to a private limited company P&L account?
Offsetting a loss against future profits
Having started a business as a self-employed driving instructor and made a loss in the first year, can this loss be offset against future profits?
Managing your expenses
My business is financed by a cash loan from myself, but I have also spent lots on expenses from my own pocket. This year I will not bring in enough money to pay myself back either the loan or expenses in full. Can the expenses be carried over into the next tax year? By then I will have brought in enough to repay myself.
Late self-assessment tax returns
I haven’t yet sent in my self-assessment tax return. What should I do now?
Raising invoices under a trading name
When a company trades as a different name to their legal name (e.g. Fred Bloggs Paving Ltd. t/a Crazy Paving). Is it legal to raise invoices using their trading name only?
Advice on tax and record keeping
I'm just starting a party plan business for women's clothing, lingerie and adult products. I've just graduated from university and know nothing about the legal side of businesses. What are the most important legal details I need and where can I get detailed advice on VAT and record keeping? I have already registered as a limited company, what next?
Accounts packages
I buy and sell cars and I am using the SAGE accounts system, however I am struggling with putting on credit notes and working out the VAT I will have to pay back. Is there any other accounts package that I can use, or one that is designed specifically for the motor industry?
Providing forecast profit and loss accounts
I am looking to open a business bank account and the manager has told me to produce forecast profit and loss and cash flows. Why do I need to do that when I’m not expecting to borrow any money?
Keeping company accounts and tax records
The business is a sole trader business no employees, except owner, if business closes what happens to the tax that is outstanding for last year and this year? Would I get any benefits (closure due to no income, trade has fall off completely)? How long must I keep my accounts, income tax records and VAT records?
Accounts software
I currently do all of my accounts on an Excel spreadsheet. I’ve been told that this is not the thing to do? What should I be using?
Accounting for your expenses
I went into partnership with a colleague and are just tying up a few loose ends. Before everything was finalised, I purchased some materials for the business with my credit card. I have the receipts as evidence and also paid the credit card bill through the business bank account. How do I account for this in the books? We are currently without a bookkeeper and would like some advice on how to make sure this is properly accounted for.
Offsetting costs against future profits
I intend to start my own business in psychotherapy/counselling. This requires several years training prior to charging clients. Additionally, I have to gain experience through not-for-profit client placements. This means i will incur significant costs. I've budgeted for this, but wonder if I'm managing it tax efficiently. Would I be better off starting the business up now, though it will achieve no income, and bear these costs as "losses" to the business in the next 2 years? Can this then be offset against income once I'm fully trained?
Improving cash flow and cutting costs
I’m looking at ways of improving my cash flow and cutting costs generally without upsetting my staff or suppliers. What ideas do you have?
Balance sheet queries from Companies House
I have just received a letter from Companies House stating that they have received a query regarding my company accounts.
What constitutes turnover?
Can you please define what turnover means?
- 1 | 2 | 3
- Next Page »
