How Do I Contact HMRC About My Tax Code?

contact hmrc

If you have a question or believe there may be a problem with your tax code then get in touch with HMRC by phone on 0300 200 3300. Have your National Insurance ready for this call because HMRC will ask you for this as part of confirming your identity before they can speak to you. AnitaAnita (more…)

4 Tips for Taking Your Small Business Online

4 Tips for Taking Your Small Business Online

The online world offers many benefits to entrepreneurs. Most businesses today already operate online and newly found businesses are focusing on that idea as well. However, the Internet is a crowded place and taking your business online requires a lot of work and dedication, if you want to make a name for yourself. This task (more…)

How Much Can You Claim for HMRC Uniform Tax Rebate

How Much Can You Claim for HMRC Uniform Tax Rebate

You may be able to claim a HMRC tax rebate on the cost of cleaning, repairing and replacing your uniform, as well as any other specialist clothing such as safety boots. It is important to note you cannot claim for the initial cost of buying your uniform or if you employer has reimbursed you for (more…)

Do I Pay Tax on my Google Adsense Earnings?

Tax Google Adsense Earnings

You must declare your Google Adsense earnings to HMRC however the amount of tax you pay depends on your personal circumstances and how much you earn from all your sources of income. Everyone is legally required to declare all their earnings even if they earn below the threshold for paying any tax. How Do I Declare (more…)

What is Operating Profit?

Operating Profit

What is Operating Profit? Operating profit is the amount of profit a business makes before paying tax, interest and any other one off costs or income unrelated to day to day business operations. What Does Operating Profit Show? Operating profit is the amount of profit left over after paying for production costs and overheads such (more…)

Quick Ratio

quick ratio

What is the Quick Ratio? The quick ratio is similar to the current ratio however it excludes stock from the calculation.  This is because stock can be hard to convert into cash quickly to pay creditors. How is the Quick Ratio Calculated? Current Ratio = (Current Assets-Stock)/Current Liabilities An Example of the Quick Ratio Example (more…)

What is Current Ratio?

What is Current Ratio

What is the Current Ratio? Your current ratio tells you whether you have sufficient current assets to meet your current liabilities. In simple terms this could indicate whether you have enough trade debtors to cover your trade creditors. How is the Current Ratio Calculated? Current Ratio = Current Assets/Current Liabilities The above balance sheet shows (more…)

Debtors Days Ratio

Debtors days ratio

The debtors day ratio is the average number of days it takes for a business to collect cash owed by its customers. How is Debtors Day Ratio Calculated Debtors Days = Trade Debtors/Annual Turnover *365 How is Monthly Debtors Day Ratio Calculated Debtors Days = Trade Debtors/Monthly Turnover *30 Why is the Debtors Day Ratio (more…)

What is EBITDA?

What is EBITDA

EBITDA stands for earnings before interest, tax, depreciation and amortisation. It can sound more confusing than it really is, but understanding what EBITDA is is actually fairly straightforward. What is EBITDA? It is a profitability KPI commonly used by analysts and investors.  It allows them to company Businesses profitability by stripping out financing costs, accounting (more…)

How to Calculate Your Gross Profit Margin

What is gross profit

When you run a business reviewing key financial metrics is vital to monitoring your business health. Having a handle on your gross profit margin will give you a feel for how your business is performing and it is making enough profit to cover its overheads and even pay your salary. What is Gross Profit? Gross (more…)