Accrual Accounting & Prepayments

Accruals and prepayments are adjustments that we make to ensure that expenses and income are recognised in the correct accounting period. According to the accruals concept, expenses should be recognised in the period they are incurred rather than the period when they...

Filing your Confirmation Statement

The confirmation statement will replace annual returns for companies from 30 June 2016. Companies will need to file a confirmation statement from this date, providing up to date information for inclusion on the public register. This information must be provided at...

National Minimum Wage Increase – 1st October 2016

National Minimum Wage Increase – 1st October 2016 From the 1st October 2016 the National Minimum Wage has increased per the below summary: National Living Wage National Minimum Wage Year 25 and over 21 to 24 18 to 20 Under 18 Apprentice October 2016 (current rate)...

When is a hobby not a hobby?

One of my friends bakes cakes for family and friends and another will have a go at making anything from gift bags and tags to canvas artwork but when would these hobbies become a trade? Unfortunately it is very common to be self employed and not realise it – you...

Minimum Wage Increase – 1st April 2017

From the 1st April 2017 the National Living Wage and National Minimum Wage will increase per the below  summary:   National Living Wage National Minimum Wage Year 25 and over 21 to 24 18 to 20 Under 18 Apprentice April 2017 £7.50 £7.05 £5.60 £4.05 £3.50 October...

Sage 50 – Tips and ‘F key’ Shortcuts

Sage 50 Accounts is a very popular accounting package used by over 400,000 businesses – in this post I am going to run through some tips and ‘F key’ shortcuts which have made my life just that little bit easier (by saving me time swapping between my keyboard and...