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The profit and loss (P&L) account provides a record of how a business has performed over a specific period …
BIF Category: Accountancy
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Calculating a few simple financial ratios can help you to assess how well a business is performing and …
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Many small businesses seek to raise external funding at some stage, with debt finance being one of the most common …
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This factsheet explains the main features of a balance sheet and what kind of information it should contain.
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Any equipment owned by a business is subject to wear and tear that eventually reduces its value …
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There are five main types of tax that are relevant to businesses: income tax, corporation tax, National Insurance, …
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Capital expenditure on assets such as computers and other equipment is a major cost to most businesses, but is …
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Understand what expenditure HM Revenue & Customs (HMRC) considers allowable for tax purposes …
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Partnership is the legal format commonly chosen when two or more sole traders start up in business together …
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Many people who start their own business do so as a sole trader (sometimes referred to as a sole proprietor or sole operator) …
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Value Added Tax (VAT) is a tax levied on the sales of goods and services …
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A business that operates as a limited company must submit a set of statutory accounts to Companies House …
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Sales forecasting is a crucial part of setting up and running a business and is essential for ongoing business planning …
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A cash flow forecast predicts the flow of money in and out of a business over a specified time. It is an …
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A ‘share’ is a unit of ownership of a company, representing a fraction of the company’s share capital.
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Accountants provide small business owners with a range of professional advice and taxation services, including …
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Following registration for Value Added Tax (VAT), VAT-registered traders are responsible for charging …
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These are voluntary processes that can be used to account for income and expenses under tax self-assessment …
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