Self Assessment Tax Return Fine Warning! HMRC are threatening large fines of up to £1,600 for people who fail to submit their Self Assessment Tax Returns on time the BBC reported on the 16 September 2011.

In today’s changing business climate social enterprises are growing in popularity as a structure for new businesses. Social enterprises are often classes as not for profit, being established for social and community purposes with profits being reinvested or used for good causes, or all or

This is a brief guide to the Limited Liability (Ltd) Company structure. A Seperate Entity Limited companies are entities that exist in their own right, and are sometimes referred to as being a person in its own right in that all the company’s finances and

The is a brief guide about Limited Liability Partnerships, more information and advice should be obtained before deciding on the structure of your business. A Limited Liability Partnership (LLP) is another choice of structure for a business. This is like an ordinary partnership in that

This is a brief guide about Partnership structures should you be considering going into business.  The Partnership structure is similar to a Sole Trader but with two or more people involved and sharing the profit, risks, costs and the responsibility of running the business.  The

The sole trader structure has positives and negatives, this brief guide will give you an overview of the pros and cons. Operating as a Sole Trader is cheap in terms of what you have to do for your bookkeeping and year end accounts, and you

To be Self Employed you will be trading as a sole trader not as a company. To be Self Employed you must register as self-employed with the HMRC and be aware that there is currently a fine of £100 if you do not register within

As the name implies, the profit and loss statement in bookkeeping displays the profit or loss made by the business over a period of time, such as a month, quarter or year. It is made up of Sales less Cost of Goods Sold, less Expenses,

Here are a few Balance Sheet items (not an exhaustive list) that need to be known for Bookkeeping: Balance Sheet The balance sheet provides a “snapshot” of the company’s financial position at a specific date and includes assets, liabilities and capital. It is called the

In order to try and help the economy on 4 January 2011, VAT went from 17.5% to 20%. This means everyone doing bookkeeping across the UK will need to change the VAT rate in their accounts software. Here is a guide for changing the Vat