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Writing receipts of payment has become quite simple. Professional templates and software make bookkeeping as easy as possible. Your receipts are automatically filled in with all the necessary details and are ready for printing. But when is a receipt of payment required? And what…
Africa StudioshutterstockA well-crafted quotation template boosts your chances of converting interested prospects into customers. It’s essential that the quote aligns with their expectations while also ensuring the structure, format, and content are professionally presented. Quote templates for Word and…
Yuganov KonstantinshutterstockWhen it comes to cost of sales, only the direct production costs related to the goods sold are matched against the sales revenue in the profit and loss statement (P&L). These include costs like raw materials and labour. Other operating expenses, such as marketing and…
Andrey_PopovshutterstockWhat does an accounting record for a cash discount look like? Once you understand how to record a cash discount, it becomes quite simple. However, the topic can be confusing at first: What about VAT? Should the discount be booked as a price reduction? Should you use the gross or…
Watchara RitjanshutterstockHidden reserves can arise within a company in various ways. Some occur naturally, while others are created either intentionally or unintentionally. While they are usually legal or required by law, these hidden assets can sometimes be used for questionable activities. In this…
RomanRshutterstockTrading losses can provide significant tax relief for UK businesses. If your company makes a loss, you may be able to offset it against past or future profits to reduce your Corporation Tax bill. In this guide, we explain how loss carryback and loss carryforward work under HMRC…
Mohd KhairilXshutterstockHow can you make the most of tax deductions as a self-employed individual? This article outlines essential tax tips for freelancers and business owners in the UK. Learn about the deductions you can claim, which taxes you need to pay, and how to reduce your tax liability through…
Andrey_PopovshutterstockInvoices are primarily known from business transactions. However, private individuals can also issue invoices—for example, when selling a used item or providing a one-time service. It is important to follow certain guidelines to ensure that the private invoice is correct and…
Billion PhotosshutterstockMany UK companies must comply with records management laws to avoid penalties. The GDPR and Data Protection Act 2018 set out legally binding requirements for handling personal data, while ISO 15489 serves as a voluntary best practice standard for records management.…
Many freelancers (self-employed individuals or independent contractors) often have questions about earnings, deductions, and required forms. Staying organised and maintaining good records throughout the year can significantly reduce stress when filing taxes. Follow this…
A solid business growth strategy is paramount for any business owner. This category focuses on all the aspects that follow the establishment of a company; from business strategy and growth, to recruitment, bookkeeping, and taxes.