3/3/2016 5:44:48 AM
Most businesses will get themselves into financial problems due to not keep accurate bookkeeping records. In simple terms, bookkeeping is keeping a record of all financial transcations in relation to the business. In-order for a business to grow it must accruately identify the In's and Out's, in a logical and systematic way.
1) Look at the expenses of the business;
If you are paying for business expenses from the business account, credit cards or from your own pocket, all these need to be tracked and recorded seperately, so you can identify its origin. For example if it is a limited company and you have put your own money in, then the limited company owes you money, so this needs to be accurately recorded, in order to know, how much the company owes you. Also if the company is a limited company, you could pay more tax if the company pays you back more money than you are actually due. Also if your bank balance in your accounts does not match whats on your bank statements, A HMRC inspector maybe concerned as to why this is and is there any income which is being concealed. This may lead to fines and you paying higher taxes than are due, due to inaccurate records.
2) Is your bank account serving its purpose;
Most people in the personal world tend to stick with the bank account they first opened. However in the business world you need to assess are you actually getting your moneys worth and are you getting the right service from your bank. You need to compare bank charges, facilities that are available to you? at what cost are they available? how much are you charged for cheque payments? It is always adviseable to review what your bank is offering.
3) Are you categorising accurately;
This falls into the area of categorising what section your costs fall into, for example, your mobile contract bill may fall under the section of telephone, which may also be your landline telephone, which is connected with your broadband service. Another example maybe a software you are using, this may fall into the category of Computer Software or Subsriptions. Even though HMRC has no strict guideline in relation to this, it just makes it a whole lot easier for the business and the accountant to identify the costs when preparing the set of accounts or financial statements. This is also a good way to track how much is being spent in certain areas and always for better money management when it comes to analysing data and cutting costs.
2/11/2016 5:52:43 AM
In April 2016, the governments new national living wage will become the law.
Is your business ready for the the governments new national living wage. What you need to do;
- Update payroll before the 1st of April 2016.
- Know the rate - £7.20 Per hour for 25 year olds and over.
- You need to find out which staff are eligible.
- You need to tell staff about any changes to their pay.
What will the national living wage mean for the average family? Just a little increase over the year will make a huge difference for families just scrapping by month by month. An increase can mean an extra £1000 a year, which could infact mean the full council tax paid for the year.
#paye #nationallivingwage #hmrc #payroll #2016
2/5/2016 6:46:43 AM
Zeeshan & Co Certified Accountants are now officially a sponsored listing on Yell.com for accountants in Manchester, providing accountancy services for clients throughout the northwest. Zeeshan & Co are also a heavyweight listing in accountants for Stockport, Oldham and the Rochdale region. A sponsored listings means whoever search for accountants in any area within Manchester, Zeeshan & Co will appear at the top.
An accountant is one of the major players in any business. As accountants the most pleasureable feeling is always getting your clients tax affairs and paper work in-order and to see them grow as people and as a business. Most businesses crumble due to mismanagement and a lack of the right guidance and advice.
For all your accountancy needs and services contact Zeeshan & Co Certified Accountants on 0161 432 8000. We are based at 1074 Stockport Road, Levenshulme, Manchester, M19 2SU. Inbetween Nawaab restaurant and KFC/ McDonalds.
1/30/2016 5:44:50 PM
The Government continues not to be clean about its agreement with Google. Google paid 20.4 million in taxes in the UK, despite it making record Sales of 3.8 Billion. It is an outrage while many small business men and women have been getting their self assessment tax returns in by the 31st January self assessment deadline and paying their taxes at the full rate it is puzzling that one of the richest organistations in the world to pay such less tax.
Another large global organisation which every household member is familiar with, is Facebook. The social media giant paid £4,327 in corporation tax in the tax year 2014, despite it reporting a UK revenue of £105 million.
After a 6 year investigation into Google, the government has agreed a deal of £130 million, claiming back taxes from 2005. Many would argue this is a very sweet deal for Google. This is unfair on the small businesses of UK who unlike the multinational company having artifically shifted its profits to whatever tax jurisdications they choose.
Google has its european head quarters in Ireland where the corporation tax is much lower than the U.K and it also has company structures in Bermuda where the corporation tax is zero.
However George Osbourne has hailed this as a great victory insisting that Google were paying no taxes in the U.K under the previous government. There are still many questions to be answered and the criticism grows.
1/29/2016 5:01:29 AM
SELF ASSESSMENT DEADLINE 31st JANUARY 2016, 11.59 pm. Self Employed and Sole traders the time is ticking and deadline day is looming. Late submission fines from HMRC APPLY. Avoid fines of upto £1200 and get your PAPER WORK IN...(6th APRIL 2014 TO 5th APRIL 2015)...So we can prepare your accounts.
Please remember whether you have made a profit or loss, you still need to file your accounts. If you are a director of a company, and have received a dividend, this also needs to be filed on your self assessment, aswell as any other sources of income, i.e; Property rental income, Shares, Isa's, money received from Sales of assets etc.
Tel; 0161 432 8000 at Zeeshan & Co Certified Accountants
1/3/2016 5:58:01 PM
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