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Terry Cartwright's Articles in Finance

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  • UK tax codes explained, basic rate tax and emergency tax code
    UK tax codes are determined by HMRC, notified to employees and used by employers to calculate tax to be deducted from employee income. Inland Revenue tax codes explained as being made up of numbers or letters and usually both. When multiplied by 10 the number indicates the amount of tax free personal allowance the person is entitled to and the letter indicates the conditions which might be applicable to the UK tax code.
  • Sole trader basic accounts income and expenditure account
    A sole trader in the UK can operate a very basic accounting system. Provided supporting evidence is retained to show the basic accounts are realistic and the income and expenditure statement accurate for basic tax purposes sophisticated accountancy, debits and credits are not required. Basic accounts for sole traders do not require the production of a balance sheet.
  • How much is tax on income, tax percentage rates and income returns
    The answer to how much is tax on income and the income tax percentage paid is dependent upon the status of the individual being employed, self employed or incorporated as a limited company. Employees pay income tax and national insurance under the paye system while self employed individuals submit self employed income returns and although they receive the same UK allowances they pay different national insurance.
  • Tax Questions For Inland Revenue P46 Forms
    A new employee without a P45 should be asked to complete a P46 form which the employer submits to HMRC. Inland Revenue P46 forms can be downloaded from the HMRC website and also submitted online. Completing the P46 solves a number of tax questions a new employer may have regarding the new employee status and is essential to ensure the PAYE records start off on a correct basis
  • P45 Form Tax Questions and New Employee P45 Forms In UK
    Employers in the UK issue an employee that leaves with a P45 tax form stating details of that employment including the cumulative earnings and income tax paid to date. Not everything always go to plan resulting in a number of tax questions regarding the P45 form especially when a new employer may not have received the P45 form.
  • Vat Accounting Can Help Claim Vat Three Years Before Registration
    When a business completes the vat registration there are rules which enable vat registered companies to claim vat paid on goods for up to 3 years and on some services for up to 6 months incurred prior to registration.
  • Tax Accounting Software and Company Tax Return
    Tax accounting software for UK companies involves business accounting software to produce the accounts combined with tax software to produce the CT600 corporation tax return.
  • Use Tax Accounting Software To Produce Tax Returns
    Tax accounting software for self employed accounts involves accounting software to produce the accounts combined with tax software to produce the self employed tax returns and tax liability.
  • How ABookkeepers Can Advertsie Home Bookkeeping Services
    Internet and local media advertising are useful sources to start up and promote home bookkeeping services. By setting a financial budget for each sales channel the bookkeeper can manage the results to build the bookkeeping services.
  • Networking Methods To Promote The Home Bookkeeping Services
    Networking by personal contact with prospective clients is undoubtedly the best way to start up and promote home bookkeeping services. There are a number of ways in which networking can be achieved by bookkeepers. In addition the range of bookkeeping services offered, qualifications and experience have an impact upon the success of each strategy.
  • Accounting for dividend tax credit and income tax on dividends
    Calculating the dividend tax credit and understanding the position with regard to income tax on dividends.
  • How to declare a dividend and produce the dividend voucher
    Procedures in declaring dividends are contained within the articles of association the formalities of which need to be observed in recording the transaction and preparing the dividend voucher.
  • A Balance Sheet Is A Financial Statement Of Assets And Liabilities
    The balance sheet is a financial statement of the assets and liabilities of a business or organisation at a specific date. The main balances reported being separated between fixed and current assets, current and long term liabilities to provide a snapshot of the financial standing of the business.
  • Choosing Outsourcing Payroll Compared With Payroll Software
    Every business that employs people is legally bound to run a payroll system. The three alternatives to satisfy the requirements are outsourcing payroll, using a payroll software package or calculating the payroll manually. The choice for business depends upon knowledge of the payroll system and the time and potential costs involved.
  • Accounting And Audit Exemptions For Small Companies In The UK
    Small and medium sized companies in the UK can take advantage of supplying abbreviated year end accounts to Companies House which have not been audited by independent accountants. This guide sets out the conditions under which abbreviated accounts can be submitted.

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