Wisteria news category: Accountancy

FRS 102: How will this UK GAAP impact on your small business accounts?

The mandatory implementation of Financial Reporting Standard 102 (FRS 102) for accounts on or after 1 January 2016 is drawing closer. But if you are beginning to worry about what FRS 102 is and the implications it has for your company, or if you are just interested in knowing about this new UK GAAP, here is an overview of the important details.

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Shares and Share capital

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Shares are a form of company funding and can be held in the two most common types of company: private and public companies limited by shares. Shareholders get shares in return of investing in a company. These shares carry particular rights, the exact nature of which is defined by the “class” of the share and the company that issues them. Read full article »

Sole Trader vs. Limited company

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Choosing the legal structure of your business is one of the most important decisions one should make when forming a company. The structure is of a pivotal importance as it defines your legal, financial and personal responsibilities as well as the amount of taxes you are required to pay. Read full article »

Should I register for VAT flat-rate scheme?

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The flat-rate scheme is an optional VAT scheme designed to reduce the administrative burdens for small businesses. Unlike the standard VAT accounting, the flat-rate scheme saves time by shortening the process of recording VAT on sales and purchases. Read full article »

Dormant company

A dormant company is one that has no financial transactions that would normally be entered into the accounts. Whilst HMRC allows for some transactions such as writing a business plan, Companies House allows no accounting transactions with a few exceptions, such as filing fees and shareholder capital being paid up. Read full article »

What is an auditor?

An auditor is a qualified accountant who reviews whether or not proper accounting records have been kept by a company and if the financial statements are an accurate reflection of the company’s finances. Once appointed they have the right to question any officer or employee of the company and must be granted access to all financial records. It is a criminal offence to try to delay or mislead an auditor. Read full article »

Annual accounts, annual return and company tax return

Once your company is incorporated you are required to submit a number of documents annually to Companies House or HM Revenue & Customs (HMRc):

  1. The Annual Accounts (Statutory Accounts) are a set of accounts containing a balance sheet, a profit and loss account and notes about how the accounts have been prepared. Read full article »

Incorporating your company with chartered advisers

When you incorporate your company or receive advice from a professional adviser regarding your business you may want to consult with a chartered professional. This can help to ensure that the advice that you receive is of high quality and that it the adviser is up to date with current changes to accounting, tax and company regulations.

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Auditing and Accounting Services

A business functions effectively if all of the operations of the company are supported by the company’s accounting practices. The various accounting services include day to day book-keeping, production of management accounts, production of VAT returns, review of accounting policies and production of financial statements.

Accounting services are important as they provide support to management for planning, controlling and decision making process. The performance of a company can only be evaluated financially through precise accounting. The main focus of accounting is on producing accurate and timely accounts, not only to comply with legal requirements but also to act as an essential management tool.

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