What is the HMRC – Definition & Contact Details

Everyone is affected by HMRC in some at some time in their lives. Here's what the HMRC is about, what they are responsible and how to contact them.

Accounting Basics for Entrepreneurs

When you start a new business you face a steep learning curve and it can feeling overwhelming. Accounting may be one of the topics...

Posting a Journal with VAT on Xero

To post a journal on Xero with includes VAT that needs to be picked up on the VAT return: Go to Manual Journal Select...

What is an HMRC Basis Period

Definition of the HMRC Basis Period A basis period is a term used by HMRC referring to the time period on which someone who is...

What is An Accounting Period: Definition and Example

An accounting period is the time covered by a set of financial statements. Usually you expect to see a 12 month period. However there...

What is Cash Outflow

Cash outflow refers to all the cash that goes out of your business. Examples of Cash Outflow Supplier payments Bank loan payments Bank charges &...

What is Cash Inflow

Cash inflow refers to all the cash that comes into your business. Examples of Cash Inflow Customer payments Bank loan receipts Bank interest Sale of...

What is Bookkeeping?

Bookkeeping refers to the processing & recording of day to day financial transactions of a business.  These financial transactions are taken from information such...

What are Creditor Days

Creditor days is a measure of how long it takes you to pay your suppliers. How to Calculate Creditor Days on the Balance Sheet Trade Creditors/Purchases *...

What is a Trade Creditor

A trade creditor is a supplier who has sent you an invoice for the purchase of goods or services but has not yet been...

Freeagent UK Review 2018: Cloud Accounting Software 30 Days Free +...

The Simplest bookkeeping system designed just for freelancers and the self employed. Bank feeds, automation, snap receipts, time tracking, invoicing and much more. Find out more about Freeagent and how I use it in my business to automate my bookkeeping and tracking.