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User Name: diyaccounting
User Homepage: http://www.diyaccounting.co.uk
Location: Great Britain
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Latest Published Articles

1: What To Include In The Financial Section Of A Successful Business Plan

( Category: Small Business | Word Count: 1091 | Views: 0 | Rating: -1 )

Guessing is not an option. Preparing the financial section of a business plan is more than scribbling some pleasing numbers on a sheet of paper. The end result of every business plan is not how great the business start up will be or the tremendous skills to be employed in the business but the bottom line.

2: Rules Governing Articles Of Association And Company Formation

( Category: Corporate | Word Count: 591 | Views: 21 | Rating: -1 )

The Articles of Association of a limited liability company are an essential element of any limited company formation since the Articles of Association set out the rules and regulations by which the internal affairs of the company are governed.

3: Small Business Accounting Software That Fills In Your Tax Return

( Category: Accounting | Word Count: 794 | Views: 3 | Rating: -1 )

Small business accounting software UK package can be s a series of templates written on excel spreadsheets, suitable for any self-employed business whether vat registered or not producing an automated monthly profit and loss account and an excel copy of the self assessment tax return form as the end products.

4: Basic Bookkeeping For Small Business Can Save Money

( Category: Bookkeeping | Word Count: 798 | Views: 2 | Rating: -1 )

Every business is required to keep a set of financial records to enable those accounts to be submitted and the tax payable calculated. Bookkeeping is the prime stage in keeping those books and at its most basic level does not require high levels of accounting knowledge and experience and accountant fees can be saved.

5: Simple Way to Limited Liability Company Formation

( Category: Corporate | Word Count: 937 | Views: 20 | Rating: -1 )

Registration of a limited liability company in the UK is not a complex business. Four documents are required to create a limited liability company. Documents which are available quite cheaply including the main company registration forms which are free.

6: Seven Essential Requirements of a Memorandum of Association

( Category: Corporate | Word Count: 705 | Views: 3 | Rating: -1 )

Every company registered in the UK must have a Memorandum of Association that defines the scope, powers and objects of the limited liability company. The Memorandum of Association is vitally important as any transactions deemed to be outside the objects are not legally enforceable.

7: Self-employed Accounting Software Fills In Self Assessment Tax Return

( Category: Small Business | Word Count: 900 | Views: 0 | Rating: -1 )

Accounting Software for the self employed businessman in the UK does not have to be complex. The most important requirement being a simple package that automatically produces the Self Assessment tax return.

8: Capital Tax Allowances And The Self Assessment Tax Return Form

( Category: Taxes News | Word Count: 772 | Views: 0 | Rating: -1 )

To accurately complete the self assessment tax return requires the self employed businessman to understand the tax system as applied to capital allowances that can be claimed against fixed assets. A potential difficult area for the non accountant these notes explain what capital allowances are and briefly how to calculate the capital allowances which reduce the net tax payable.

9: Choices To Be Made With Small Business Payroll Software

( Category: Small Business | Word Count: 919 | Views: 0 | Rating: -1 )

The benefits to be considered when choosing a payroll software package that rpovides the solution required to reduce administration time. make the calculations and generally do the business for you.

10: How To Produce Taxi Driver Accounts Plus Tax Returns In Less Than 2 Hours

( Category: Accounting | Word Count: 638 | Views: 6 | Rating: -1 )

DIY Accounting produce a taxi driver accounts package for taxi drivers in the UK which consists of a series of templates written on excel spreadsheets, suitable for both taxi and courier / van drivers who wish to produce their own accounts with the benefit of generating an excel copy of the self assessment tax return form.

11: Producing a Successful Business Plan To Start A New Business

( Category: Small Business | Word Count: 663 | Views: 0 | Rating: -1 )

Every new business start up has a business plan that varies in sophistication from a few brief thoughts, an idea or aspiration to a formal written document setting out all major elements. Preparing a business plan is essential if grants are to be applied for or money is being borrowed to fund the start up. The strong message being that potential lenders regard a business plan as essential

12: Advantages of Limited Liability Company Formation

( Category: Corporate | Word Count: 861 | Views: 2 | Rating: -1 )

The essentials ingredients required for company formation in the UK. Tax advantages are an important consideration with corporation tax changing over the next period from 2007 - 2010 while incorporation of a limited liability company carries several other advantages and disadvantages.

13: What Happens Next After A UK Limited Liability Company Formation

( Category: Corporate | Word Count: 870 | Views: 9 | Rating: -1 )

After forming a company in the UK the directors have a number of immediate responsibilities in regard to the newly registered company. Share certificates should be issued, statutory registers implemented and updated, affixing the company name and noting critical dates to avoid penalty fines and the implementation of a financial control system.

14: Double Entry Bookkeeping Versus Single Entry Bookkeeping

( Category: Bookkeeping | Word Count: 952 | Views: 96 | Rating: -1 )

Bookkeeping is the function of recording the prime financial documents of a business usually by a bookkeeper or accounts clerk. The bookkeeping system adopted has to be based upon double entry principles for all limited companies but a single entry self employed bookkeeping system for smaller organisations can be adopted if a statement of assets and liabilities is not required.

15: Top Paye Questions Answered

( Category: Taxes News | Word Count: 1214 | Views: 0 | Rating: -1 )

Employers and particularly new employers ask a variety of questions in administering the PAYE scheme. The top questions and answers include tax codes, week 1 basis, employee or self employment status, national insurance, statutory sick pay and what happens when an employee does not provide a P45 from previous employment.

16: Practical Self Employed Tax Tips to Save you Money

( Category: Taxes News | Word Count: 1337 | Views: 0 | Rating: -1 )

UK Self employment carries the responsibility to sort out your own tax affairs, the first tip is to maintain good records of business income and expenses to minimise tax liability. With tax rates of up to 40%, tax is an essential area to achieve a degree of competence. Small Business Accounting Software and Payroll Software templates can ease the record keeping.

17: A UK Employee Can Claim Tax Relief Using Their Vehicle For Work

( Category: Taxes News | Word Count: 1053 | Views: 0 | Rating: -1 )

Employees in the UK who use their own vehicle for work can claim tax free expenses. If an employee keeps records of business journeys and the amounts paid by an employer the employee may also be entitled to receive mileage allowance relief in addition to those expenses for the past six years.

18: Simple Company Accounting Software That Produces Final Accounts For Publication

( Category: Accounting | Word Count: 827 | Views: 10 | Rating: -1 )

Accounting software for UK limited liability companies can be a series of bookkeeping templates on excel spreadsheets to produce an automated monthly profit and loss account and a set of final company accounts with balance sheet and notes ready for publication.

19: Payroll Software That Does The Administration Work

( Category: Small Business | Word Count: 633 | Views: 0 | Rating: -1 )

DIY Accounting Payroll Software is unusually written on a series of excel spreadsheet templates, Three versions of the small business payroll system are available dependent upon the number of employees, being a payroll solution for up to 5 employees, up to 10 employees and up to 20 employees

20: Explaining Income And Expenditure Sections Of The Self Assessment Tax Return

( Category: Taxes News | Word Count: 1413 | Views: 0 | Rating: -1 )

Every self employed businessman in the UK is required to complete a self assessment tax return form and requires accurate accounting records to support the tax return. These notes explain how those accounting records should be entered in the income and expenditure section of the self assessment tax return form.

21: Personal Qualities Required To Be An Entrepreneur And Start Your Own Business

( Category: Small Business | Word Count: 696 | Views: 0 | Rating: -1 )

The success of every small business and especially a new start up business is dependent upon the personal qualities and abilities of the small business owner. Some skills and abilities are more important than others to an entrepreneur but rarely are all qualities are required and invariably some are essential to start your own business and make it a success.

22: Taxi Drivers Pay Higher Taxes Missing Out On Capital Tax Allowances

( Category: Taxes News | Word Count: 873 | Views: 0 | Rating: -1 )

Taxi drivers who employ a taxi accountant to prepare their taxi accounts may or may not be at risk of under claiming capital tax allowances. Many drivers who prepare their own taxi driver accounts may not have the expert capital tax allowance knowledge to minimise their tax liability.

23: How Payroll Software Can Reduce The Paye Administration Burden

( Category: Small Business | Word Count: 831 | Views: 0 | Rating: -1 )

If you are an employer then the paye administrative burden of maintaining payroll records will be time consuming. The financial information within the paye administration is highly sensitive and must be scrupulously accurate since it may be inspected by the Inland Revenue and also carries legal responsibilities to the employees. Payroll Software can carry the paye burden.

24: Essential Knowledge Base of Payroll Systems for New Employers

( Category: Small Business | Word Count: 1068 | Views: 0 | Rating: -1 )

Every employer operating a paye scheme must have an understanding of the HMCE payroll essentials. Payroll essentials that payroll software packages satisfy include both the knowledge to correctly calculate income tax and national insurance plus legal obligations to each employee.

25: Vital Importance Of Small Business Accounting Software

( Category: Accounting | Word Count: 728 | Views: 2 | Rating: -1 )

Many small businesses function in a completely introspective manner and while the talented entrepreneur can benefit greatly in these circumstances it can lead to failure in others. Small business accounting software is vital in many circumstances not least to broaden the management function to include accounting and finance.

26: Why Bookkeepers And Accountants Use Double Entry Bookkeeping

( Category: Bookkeeping | Word Count: 911 | Views: 71 | Rating: -1 )

Double entry bookkeeping is the technique employed by accounting software to accurately record financial transactions stretching back hundreds of years Double entry bookkeeping means every financial transaction has an equal and opposite effect which is checked using a trial balance prior to producing a profit and loss account and balance sheet.

27: How To Pay Less Tax By Claiming Mileage Allowance Expenses

( Category: Small Business | Word Count: 916 | Views: 0 | Rating: -1 )

Mileage allowances are approved rates at which anyone in the UK using a private vehicle for business journeys can claim tax free expenses for that journey. Small businesses can legally increase the tax allowance claimed by keeping better records of business journeys in the small business accounts.

28: Using Accounting Software To Make Your Business More Profitable

( Category: Small Business | Word Count: 646 | Views: 0 | Rating: -1 )

Big business uses the financial function and accounting software to analyse and improve financial performance through financial control and the exploitation of opportunities. Small business has a serious problem of viewing accounting software as an administrative headache for annual tax purposes missing the valuable opportunities the financial system can provide.

29: Bookkeeping Software Spreadsheets Are Essential Small Business Accounting Tools

( Category: Bookkeeping | Word Count: 758 | Views: 8 | Rating: -1 )

Accurate financial records must be kept by every business and bookkeeping software spreadsheets can satisfy this requirement. Further by adopting a simple accounting system the small business can use the bookkeeping spreadsheets to both manage financial control over the business and complete the essential task of reporting for tax purposes.

30: Financial Control Under A Self Employed Single Entry Bookkeeping System

( Category: Bookkeeping | Word Count: 985 | Views: 11 | Rating: -1 )

Single entry bookkeeping is an accounting practise that can be employed by small business and in particular self employed business where a balance sheet is not required for financial control or tax purposes. A self employed bookkeeping system is basically the production of an income and expenditure account to produce a net taxable profit for tax purposes.

31: How To Keep Accurate Corporation Tax Records

( Category: Taxes News | Word Count: 899 | Views: 0 | Rating: -1 )

Corporation Tax is a tax on company taxable income or profits. A company being any limited company whether by shares or guarantee, members clubs and associations, trade and housing associations and co-operative groups. A company tax return consists of the completed Corporation Tax Return form CT600 and the annual financial accounts and statements which support the tax calculation.

32: Not Knowing The Rules Governing Employee Or Self Employed Status Could Cost Thousands

( Category: Business | Word Count: 1010 | Views: 0 | Rating: -1 )

When there is a doubt over status of a worker being an employee or self employed the employer must make the correct decision or face potential serious penalties relating to a change in status that can be applied retrospectively. In the absence of comprehensive legislation guidelines have emerged and must be applied to avoid potential unexpected liabilities of tens of thousands of pounds.

33: Registering Self Employment And The Self Assessment Tax Return Form

( Category: Taxes News | Word Count: 797 | Views: 0 | Rating: -1 )

If you start a business and become self employed in the UK you are required to register the self employment within three months of starting up the new business. Having registered as self employed you will then be required to complete the inland revenue self assessment tax return form each year.

34: Save Money With Vat Schemes and the Vat Threshold Knowledge Base

( Category: Taxes News | Word Count: 902 | Views: 0 | Rating: -1 )

Value added tax is a tax payable by any taxable person or business on sales income unless exempted or zero rated when the annual level of sales reaches the vat threshold limit, raised to 64,000 pounds p.a. from 1st April 2007. Register for vat when the vat threshold is reached to enable vat input tax to be reclaimed and minimise vat liability with a vat scheme.

35: Deciding Between Bookkeeping Software And Bookkeeping Services

( Category: Bookkeeping | Word Count: 1153 | Views: 5 | Rating: -1 )

All small businesses have to choose between keeping manual records of financial transactions and the benefits, advantages and disadvantages of utilising bookkeeping software and or employing bookkeeping services for this purpose. The correct choice will vary from business to business but a choice should be made to achieve the best financial performance.

36: Top Self Employed Tax Questions That Save Money

( Category: Small Business | Word Count: 1348 | Views: 2 | Rating: -1 )

Avoid extra taxes, interest and penalties with these top tax questions which can save you money.

37: Accounting Software Can Be Sophisticated Or Simple But Rarely Both

( Category: Accounting | Word Count: 960 | Views: 7 | Rating: -1 )

Many types of accounting software exist to record the financial transactions of business and provide the management with financial control to achieve the profit and loss performance required. The correct choice is highly dependent upon the size of the business and the degree of sophistication and financial control required.

38: Pay As You Earn Wages And Salaries Tax Scheme Explained

( Category: Taxes News | Word Count: 1139 | Views: 0 | Rating: -1 )

The PAYE system is a payroll administration system whereby employers deduct on a weekly or monthly basis income tax and national insurance contributions from employees wages and salaries. The PAYE administration involves the calculation of deductions, often performed by payroll software, and the tax returns and forms required by the tax authority which in the UK is the Inland Revenue.

39: Tips So Taxi Driver Accounts Do Not Have To Be Taxing

( Category: Taxes News | Word Count: 833 | Views: 1 | Rating: -1 )

Taxi Drivers should not to bury their heads under the dashboard when it comes to producing a set of taxi driver accounts. Producing a set of taxi accounts without the use of a taxi accountant is possible and significantly easier if a professional taxi accounting software package is used.

40: Do It Yourself Limited Liability Company Formation

( Category: Corporate | Word Count: 936 | Views: 3 | Rating: -1 )

41: Stave Off Business Problems Before They Become Critical With Accounting Software

( Category: Small Business | Word Count: 961 | Views: 0 | Rating: -1 )

Running a business and ignoring or having inadequate accounting software is like building a house on top of a bonfire and not bothering to fit a fire alarm. Many small businesses run into difficulties sooner or later, it is a fact of business life. Timing and how those crises are dealt with are critical to both the success and in some cases survival of the business.

42: Managing Stock Levels Can See Off The Credit Crunch By Improving Cash Flow

( Category: Accounting | Word Count: 922 | Views: 4 | Rating: -1 )

When times get hard and 2008 has all the hallmarks of being a difficult financial year control over cash flow is critical. The best defence in these days of the credit crunch is to introduce and monitor cash flow liquidity at the earliest stage of which stock levels and inventory control can be crucial elements.

43: Cash Flow Management Issues Relating To Funding And Investment In A Credit Crunch

( Category: Financing | Word Count: 884 | Views: 0 | Rating: -1 )

Cash flow management is a critical business area every business must get right to survive. This article suggests a number of areas that a business might address to ensure the business have sufficient liquidity and working capital to survive the credit crunch and continue in business to generate profit.

44: Cash Flow Management of Debtors And Creditors In A Credit Crunch

( Category: Financial Planning | Word Count: 768 | Views: 4 | Rating: -1 )

Cash flow management is a critical of the financial control that every business must get right to survive. Debtors and creditors represent two major areas which business might address to ensure sufficient liquidity and working capital to survive the credit crunch and continue in business to generate profit.

45: Getting Paid On Time And Debt Recovery When The Credit Crunch Bites

( Category: Receivables | Word Count: 963 | Views: 12 | Rating: -1 )

Making sure customers pay on time within the terms and conditions of the business is a serious issue and critical in days of a credit crunch, Late payments and bad debts cause liquidity and cash flow problems and in the most crucial cases can force a business into insolvency.

46: Cash Flow Early Warning Signs Are Critical When The Credit Crunch Bites

( Category: Financing | Word Count: 895 | Views: 0 | Rating: -1 )

Preparing a cash flow forecast can be an effective business tool in identifying adverse liquidity trends within a business at the earliest stages. Of particular importance during a credit crunch when cash flow is tight the cash flow forecast can indicate where positive action is required before those warning signs become critical.

47: How To Set A Selling Price For Your Product Or Service

( Category: Sales | Word Count: 951 | Views: 2 | Rating: -1 )

Setting the price at which a business sells its products or services is one of the most crucial decisions a business must make. Setting a selling price too low throws money away while setting a price too high loses sales volume and inhibits growth.

48: Small Business Accounting Software Equals Simple Bookkeeping Spreadsheets

( Category: Bookkeeping | Word Count: 1006 | Views: 14 | Rating: -1 )

There is a major difference between sophisticated accounting software used by larger businesses for financial control purposes than is required for small business where a simple bookkeeping spreadsheet is sufficient.

49: Annual Return And Accounting Rules For A UK Dormant Company

( Category: Corporate | Word Count: 762 | Views: 3 | Rating: -1 )

Rules apply to dormant companies in the UK with regard to accounting documents and submission of information to companies house that needs attention even if the company has not traded during its financial year. Dormant companies risked being fined if these rules are ignored.

50: Accounting Periods And Basis Periods For Self Employed Business

( Category: Accounting | Word Count: 643 | Views: 17 | Rating: -1 )

Accounts are required each year for tax and financial control purposes with preset dates by which those accounting records must be submitted and penalties for failure to deliver on time. While in the UK self employed business can use its own accounting period the tax position can become more complex if the accounts use a basis period rather than the standard financial tax year.

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