Accounting & VAT

Keeping accounts

Keeping accounts in your business is one of the most common areas of business neglect. It needs to be done for both internal (your knowledge) and external (tax and company legislation) reasons and yet many business owners underestimate the time and effort needed to get it right. Once you have set up a good system, it just needs regular attention. But ignore it for too long and you are going to have problems.

The end of the financial year

Managing the end of the financial year means dealing with reporting for tax purposes. It is the point when all the records you took during the year are actually needed and any failure to keep track could come back to haunt you. Here are some tips and tools to help you.

Year-end Record keeping

Small business exemptions

As a small and medium business, the government is always trying to encourage you to grow, so there tend to be exemptions if you look carefully, or have a diligent accountant. Some of these are outlined here.

Exemptions

VAT

Value Added Tax is an important tax for all businesses, especially those in hospitality, where they often have more on sales than on-purchases. You can find VAT basics and some tips to managing your VAT in this section.

VAT - the basics VAT on accommodation VAT on food and beverage VAT on leisure and events VAT on passenger transport VAT on travel