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Depreciation

Depreciation

Literally, the word depreciation means a reduction in the value of an asset over time. It recognises the fact that if you buy assets for your business – cars, plant, computers etc – as time marches on the value of those assets will decrease. In double...
What are debits and credits?

What are debits and credits?

You may have come across the terms debit and credit and perhaps wondered exactly what do they mean? Certainly, if you are a bookkeeper or accountant you will or should understand their significance. The first book on the subject was written by Italian mathematicians...
Tax Diary July/August 2020

Tax Diary July/August 2020

1 July 2020 – Due date for Corporation Tax due for the year ended 30 September 2019. 6 July 2020 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2020 – Pay Class 1A NICs (by the 22 July...
When the cash basis scheme may not be suitable

When the cash basis scheme may not be suitable

The cash basis scheme helps many sole traders and other unincorporated businesses who benefit from a simpler way of managing their financial affairs. The scheme is not open to limited companies and limited liability partnerships. The scheme allows qualifying...
Basis periods if accounting date is changed

Basis periods if accounting date is changed

The assessment of self-employed or partnerships profits is usually relatively straight-forward if the accounting date, to which annual accounts are prepared, falls between 31 March and 5 April. However, overlap profits can arise where a business year end date is not...