Government grants count as taxable income. You must only recognise them once all attached conditions are met, not simply when the cash arrives in your
A cash flow statement shows you exactly when money moves in and out of your business — not just whether you’re profitable — which is
Cash accounting lets you pay VAT only once your invoice is settled. Accrual accounting charges it when the invoice is raised. Only businesses with taxable
Management accounts are internal reports you produce as often as you need to make decisions. Statutory accounts are legally required annual filings that go to
A business can show a healthy profit on paper and still run out of money. Profit is calculated when work is done, while cash only
When you have to find an accountant in the UK, you first have to know where to look! If you’re on the lookout for special
HMRC have recently updated their guidance on the way in which scammers and fraudsters try to trick innocent taxpayers. The list is lengthy, including examples
An accrual records income or expenses when the work happens, not when cash moves. Your accounts show what you’ve actually earned and owed, not just
What Is HMRC? – HMRC (His Majesty’s Revenue and Customs) is the UK’s tax authority, collecting and managing taxes while funding schools, healthcare, and infrastructure.
Are you looking for an accountant, but you don’t understand anything they say? No worries! Accounting terminology is just the set of words we use
