Book-Keeping & Accounting for Small Business, 7th edition by Peter Taylor

By Peter Taylor

Money owed are only as very important as the other point of a company, and will be the most important to its prosperity or even survival. In "doing the books" you'll be on the very middle of the company, together with your palms at the controls. you can be all in favour of the administration of its resources and liabilities, its costs and its revenue margins. The extra keep an eye on you may have over those, and the documents and figurework on which they're established, the higher it is possible for you to to regulate your personal company.

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Extra info for Book-Keeping & Accounting for Small Business, 7th edition

Sample text

A similar numbering system should be used for your sales invoices. Flat Rate VAT Scheme As an alternative to keeping the conventional records outlined above, with effect from 25 April 2002 it has been possible for small businesses, with a turnover of up to £100,000 (£150,000 from 1 April 2003) to opt for the flat rate scheme. Under this scheme, the business may then dispense with the recording of the input VAT on each individual purchase. This may be an administrative saving for some businesses although they will still need to record the gross value of purchases for income tax purposes.

Of course, this may not be the same as the time when they are paid for if a credit period is involved. Output tax and sales There are two aspects to recording VAT on sales: the information you need to put on your sales invoice (see page 48) the information you need to record in your books of account. Unless you are using one of theretail schemes(see pages 45 and you will need to keep a separate record of your sales so that the VAT output tax can be calculated. An example of this is shown in Figure 7.

Each month check out the amounts received and paid against your statements (see below) and add them up (see Figure 2). Then record the difference between your receipts and payments. This represents the amount of money that the business has in its bank account. If the receipts (including the balance brought forward from the previous month) exceed the payments, then you have cash at the bank; in this case the balance should be 'carried down' as shown. If on the other hand your payments exceedthe receipts then you'll have a bank overdraft and the balance should be entered at the start of the payments column for the following month.

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