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financial accounting and managerial accounting

What is the Difference Between Financial Accounting and Managerial Accounting?

27/09/2021Accountants , Accounting , Business

Accounting data is collected in financial accounting in order to generate financial statements. Managerial accounting, on the other hand, is an internal accounting method that is utilised to account for all company transactions. This is the key distinction between financial accounting and managerial accounting. This blog will let you know about the differences between these …

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Benefits in Kind

Benefits In Kind – A Basic Guide!

16/09/2021Business , Finance

In addition to your salary, if you are receiving any other benefits as part of your job, you may receive benefits in kind (BIK). Some BIK perks are tax-free, and some incur tax. In this blog, you will come to know about what BIK is, it is taxable, what tax you need to pay on …

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Turnover vs Revenue

Turnover vs Revenue – Top 8 Differences

13/09/2021Business , Finance , Limited Company

In some contexts, “turnover “ and “revenue” are used interchangeably and often mean the same thing. Revenue is generated when assets turn over and bring in income by selling items and services. Contrarily, a turnover such as employee turnover refers to the business activities that do not necessarily generate sales. When a company brings in …

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What is Creditor

What is a Creditor and What is a Debtor?

27/08/2021Business , Finance , Limited Company

The terms creditor and debtor seem straightforward and are commonly used in the business lexicon. However, the practicalities of these terms can be tricky for one who is new to the business world. If you’re a business owner, investor, or even a learner, you need to have a comprehensive understanding of what is a creditor …

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Advantages and Disadvantages of Spreadsheets in Accounting

Advantages and Disadvantages of Spreadsheets in Accounting

27/08/2021Accountants , Accounting

Strategic planning is fundamental in business and requires substantial information in order to make key choices. Therefore, choosing the right tool for creating, retrieving, updating, and deleting data will offer assistance to managers and business proprietors so that they can make the leading choices for their company’s trade. Spreadsheet is a software tool to capture, …

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How Much is VAT in the UK

How Much is VAT in the UK?

26/08/2021Tax Issues , VAT

After 31st December 2020 – the end of the British transition period – there have been few changes in the VAT system of the UK. In this blog, we’ll have a look at how much is VAT in the UK 2021-22, what are VAT changes, and how to calculate what you need to pay. Let’s …

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Joint Property Ownership Tax

Joint Property Ownership Tax Saving Tips – Basic Guide

26/08/2021Tax Saving Tips

The property that two or more parties claim is known as Joint Property Ownership. In joint property ownership, each proprietor has equal rights to the total of the property. On the off chance that one of the proprietors passes on, part possessed by the expired proprietor consequently passes to the surviving proprietor. For joint ownership …

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Is Client Entertainment Tax Deductible

Is Client Entertainment Tax Deductible?

24/08/2021Personal Tax , Tax Issues , VAT

One of the most important marketing tactics that many businesses use is business entertainment, especially for retaining new clients and customers. Spending cost on business entertainment matters a lot when you want to build a network and attract new clients. So, if you’ve decided to allocate a marketing budget for entertaining clients and customers, you …

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Auto Enrolment Pension

What is Auto Enrolment Pension? A Basic Guide

23/08/2021Pension

Wondering what is auto-enrolment pension? It is the government initiative aimed to boost your retirement savings where the employer and government also put money into your pension pot. All employers in the UK need to offer this workplace pension by automatically enrolling their eligible employees. It is meant to encourage people to save money for …

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Ways an accountant can save you money

5 Ways an Accountant Can Save You Money – Basic Guide

20/08/2021Accountants , Accounting

Many small businesses are responsible for the management of their finances and administration. However, there are several advantages of employing an accountant to manage all of your business finances. Accountants are prepared experts who regularly see companies developing from new companies to built up businesses. With their understanding and abilities, you’ll be well on your …

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Reclaiming VAT on Property Development

Reclaiming VAT on Property Development

12/08/2021Property , Tax Issues , VAT

If you’re a property developer, you can cut down the cost of VAT by reclaiming VAT on property development. But to do it, you need to be well aware of the applicable VAT rules for your development project. With the different VAT rules for new builds, commercial properties, sale, and lease of the property, it …

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How to Avoid Inheritance Tax

How to Avoid Inheritance Tax?

09/08/2021Personal Tax , Tax Issues

When a person dies, inheritance tax is levied on the estate that is transferred to the heirs of the deceased by the government. If you’re planning to transfer the ownership of your estate to your children and loved ones without any deductions to get the optimal benefit from your estate, you might be wondering how …

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Professional Indemnity Insurance

Professional Indemnity Insurance Explained – A Simple Guide

05/08/2021Insurance

Mistakes are unavoidable, especially in the business. Sometimes, a tiny mistake can lead to a big claim in the business world. Therefore, to be protected, you need professional indemnity insurance. If a client made a claim against you for losing money due to your services, negligence or inadequate advice, you can get in great trouble. …

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Reclaiming vat on fuel

Reclaiming VAT on Fuel & Petrol: How It Works

04/08/2021VAT

This is one of the most frequently asked questions that we hear time and time again: what is the process of reclaiming VAT on the fuel? Many of our customers are looking for answers regarding VAT on mileage claims. Though reclaiming VAT on fuel is a burdensome process, as you need proper evidence to prove …

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Pensions Lifetime Allowance

Pensions Lifetime Allowance Explained

03/08/2021Pension , Personal Tax , Tax Issues

Knowing how much is your pension lifetime allowance is important, as if you exceed this threshold it’d have hefty tax implications. So, let’s explore what pension lifetime allowance is, how to calculate and protect it. Let’s find out.   Overcome your financial worries with CruseBurke!   What is Pension Lifetime Allowance? This allowance is a …

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Landlord Insurance

A Guide to Landlord Insurance – Types, Cost

27/07/2021Insurance , Landlord

Find out what is landlord insurance, what are its types, what type of insurance do you need and how much does it cost. In this post, we’re going to cover it all. Let’s dive into it!   What is Landlord Insurance? Landlord insurance is a category of home insurance that is aimed to cover the …

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Stamp Duty On Commercial Property

Is There Stamp Duty On Commercial Property?

26/07/2021Landlord , Tax Issues

Whenever you buy a residential property or land above the SDLT threshold in the UK, you need to pay stamp duty land tax (SDLT) on it. But is Stamp Duty payable on the commercial property too? The answer is yes! Let’s dive into the details.   Worried about Stamp Duty Land Tax (SDLT)? Get in …

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legal obligations of a sole trader

Legal Obligations of a Sole Trader

19/07/2021Sole Trader , VAT

Want to start your own business? Whether you want to be your own boss, pursue your dream job or want to work with the people you like, there’s no other option than to be a sole trader. With a lot of benefits, there are some legal obligations of a sole trader that you must keep …

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How to Read Company Accounts?

How to Read Company Accounts?

13/07/2021Limited Company , Tax Issues

Whether you want to establish a company, want to do research, or just trying to understand the financial terminologies of the accounts. Reading and understanding those accounts can be daunting if you lack a financial background. For this reason, we’re here to explore how to read company accounts as a beginner. The details and terminologies …

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working capital formula

Why do you need to know about working capital formula?

08/07/2021Business , Finance

Do you want to measure the financial health and success of your business? Though you can get a fair view of your success through your customer base and profit, however, that’s not enough, there are numerous ways beyond. Along with other indicators, the working capital can let you know about your business standing and what …

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Profit and Loss Statement

A Beginner’s Guide to a Profit & Loss Statement

29/06/2021Accountants , Business

If you want to figure out how well your business is performing, one of the most important tools of your annual financial accounts is the profit and loss statement (P&L).  A profit and loss statement summarises a company’s sales and expenses typically within a financial year. You can easily prepare a profit and loss statement …

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Crowdfunding for Business

The Pros and Cons of Crowdfunding for Business

21/06/2021Budgets & Other , Business

With increasing popularity, crowdfunding has become one of the most viable ways to raise capital for your business. The emergence of platforms like Kickstarter and Indiegogo has taken its popularity to its peak by raising funds for startups and medium-scale businesses. The process of getting funds via these platforms seems easy, exciting and simple but …

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What is Bank Reconciliation

What is Bank Reconciliation and How to Do it?

07/06/2021Accounting Issues

In this digital banking system, many people overlook the importance of bank reconciliation. However, you need to remember that banks can also make mistakes. To find those mistakes, bank reconciliation is needed. So let’s explore what is bank reconciliation and how to do it? Bank reconciliation means to match the balances of your bank statement …

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Furlough vs Layoff

Furlough vs Layoff: Explaining the Difference

03/06/2021Covid -19 , Payroll & PAYE

Coronavirus pandemic has adversely affected the business industry by reducing the resources of the business owners. Consequently, business owners are contemplating for employees’ furlough or lay off. Let’s kick off with the difference between Furlough vs Layoff.   Furlough vs Layoff- Differences   Due to a great downfall of the world’s economy whilst the Covid-19 …

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Flat Rate VAT

What is the VAT Flat Rate Scheme and Can it Benefit my Company?

20/05/2021VAT

If your business charges additional VAT from customers on your goods against the VAT it pays to buy things, the difference must be paid to HMRC. Contrarily, if your business is paying more VAT than it takes from its customers, you can reclaim the difference from HMRC. But, the Flat Rate VAT Scheme works differently, …

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Value Added tax Rate

The UK Value Added tax Rate (VAT) Explained

12/05/2021VAT

Value-added tax (VAT) is levied on goods and services in the UK. It is a type of consumption tax, as it is levied on the items and services that people use in their daily lives. It is an indirect tax that government collects by businesses. In this blog, we’re going to discuss the UK value …

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contractor pension

Why Do Contractors Need Pensions?

10/05/2021Accountants for Contractors

To live a life like today after retirement, you need to invest in pensions. Pensions are the seeds that need to be planted and watered to reap the benefits in the future. In this blog, we’d discuss some important points about contractor pensions. Most of the contractors fall within the below categories: Not committed to …

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Early Payment Discount

What is an Early Payment Discount?

07/05/2021Budgets & Other

Early payment discount is also known as prompt payment discount. It is the early settlement discount buyers receive in exchange for paying invoices early. You can calculate it as a percentage of the value of the goods and services purchased. An early payment discount is a process to improve cash flow for suppliers by fast …

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ncorporation of A Company

3 Ways Involved in Incorporation of A Company UK

23/04/2021Limited Company

The UK is one of the world’s best markets to start a business. You can gauge the business-friendly culture of the UK by the great numbers of private businesses that are around 6 million currently. But the incorporation of a company in the UK might be a challenging task. So, in this blog, we’ll talk …

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What is Money Laundering

What is Money Laundering? Process and Effects

21/04/2021Budgets & Other

Money laundering can adversely affect businesses, countries, and economies. It is a three-sided offense where money is generated illegally, concealed, and turned white. In this blog, we’d discuss what is money laundering, what’s the process of money laundering and we’d briefly talk about the adverse effects of money laundering. What is Money Laundering? It is …

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how to avoid paying tax on rental income

How to Avoid Paying Tax on Rental Income?

16/04/2021Landlord , Tax Issues

Many of our customers (especially landlords) often ask this question. The answer of which is quite simple, there is no way to avoid paying tax on rental income. Yet you can reduce your income tax on the amount you received as rent.  To boost your net rental income there are multiple ways to save taxes. …

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how to value a business

How Do You Value a Business Based on Turnover?

08/04/2021Business Growth Ideas

By valuing your business, you get to know its financial status through which you can make better business decisions for the future. Despite, the fact that business valuation is a complicated process. Yet, we’ll make it easy for you by discussing how to value a business based on its turnover. Let’s find out the answer! …

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how do dividends work

How do dividends work in the UK

01/04/2021Dividend Allowance

Are you looking forward to buying shares of a profitable company in the UK? Are you still wondering if this is a good time to start out? If you’ve already started out. Great job. The amount you’ll earn as a profit is known as a dividend.  If you are looking for an accountant to reduce …

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how to set smart goals

How to Define Smart Goals for your Brand?

17/03/2021Accountants , Accountants for Contractors , Accounting Issues , Budgets & Other , Business Growth Ideas , Making Tax Digital , Marketing Tips , Tax Issues

You’re just starting out your own company, and need a helping hand to determine the SMART goals for your brand. We’re addressing small businesses because it’s good to have SMART goals for your brand the moment you’re starting out on your venture. Gives you clarity on what you’re trying to achieve.    We’ve seen different …

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What are Chargeable Gains?

What are Chargeable Gains?

10/03/2021Tax Issues

What are Chargeable Gains? The gain in your asset’s value from the time it is purchased till the time it is sold is known as chargeable gains. This process is also called capital gains. A capital gains tax is levied on the chargeable assets. Chargeable loss is the opposite of chargeable gains. If you are …

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Technology Cost or an Asset

Is Technology Cost or an Asset?

08/03/2021Misc

Just take a second to think about the present world without technology. So, it’d be right to say that we can’t survive without technology in this modern world. From schools, offices to grocery stores everywhere there is technology. In the last two decades, technology has taken hold of the whole world, and even beyond that. …

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Adjudicator’s Office

The role of the Adjudicator’s Office

02/03/2021Accounting Issues , Tax Issues

The Adjudicator’s Office (AO) was created in 1993 as an independent tier of complaint handling about the Inland Revenue (now HMRC) and the Valuation Office Agency (VOA) other governmental departments joined later including The Insolvency Service in 2003. Under their role as an independent adjudicator, it is currently reviewing the Home Office (HO) decisions on …

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dividend allowance 2020/21

How Can a Self Employed Personnel Benefit From £2,000 Dividend Allowance 2020/2021

01/02/2021Limited Company , Tax Issues , Tax Saving Tips

  All taxpayers can claim their tax-free dividend allowance. Dividend Allowance 2020/21  is set at £2,000. This is a golden opportunity for all the self-employed personnel to registered for self-employed. If you’re thinking of making the switch, you need to do it right now.    Let’s Discuss the Nature of Allowance If you own a …

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accountants for self employed personnel

The Benefits Of Hiring An Accountant When You’re Self-Employed

26/01/2021Accountants , Accounting Issues , self-employed accountant

Considering that you are self-employed, there are many reasons as to why you would be questioning the need for an accountant for self-employed. You might believe that having an accountant would only mean that you are only increasing your annual costs; however, the benefits could only speak for themselves! Having an accountant would mean that …

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How to Avoid Tax Investigation

Tax inspections and how to avoid them

22/12/2020Personal Tax , Tax Issues

HMRC conducts random compliance checks against businesses and individuals. They usually smell irregularities through suspicious activities and tax inspections to find any substance. This is a routine process to encourage businesses and other taxpayers to follow the laws and regulations. If you ever notice that you are under the tax investigation of HMRC, don’t think …

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grants and loans

Environmental grants and loans: How can you secure them?

24/11/2020Budgets & Other , Uncategorised

With the efforts of world leaders towards an environmentally friendly economy, business owners are aiming for environmental grants and loans to reduce their carbon footprint. If you make your business environmentally friendly, the government helps you with several grants and loans. The importance of energy-efficient solutions will increase. The effects of global lockdowns on the …

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tax on ebay sales uk

How to Pay Taxes on eBay Sales UK

23/11/2020Tax Issues

Just like any other traditional business, eBay sellers also have to pay a due amount for tax on eBay sales UK. In case you forget your deadline, you’ll have to pay a designated amount to HMRC as a penalty or fine.  The UK laws oblige you to pay taxes whether you’re operating any big business …

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Finance for business growth

Finance that Helps your Business Grow

13/11/2020Business Growth Ideas

Every business needs finance for its growth. The right way of financing a business is crucial. Looking for new markets and the development of new products demand a lot of capital. Sometimes it seems that you don’t have any other option. You’d rather rely solely on banks. The idea might be a little too convenient.  …

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How to claim self-employment support

How to claim self-employment support

06/05/2020Covid -19

The Chancellor, Rishi Sunak, announced a new scheme at the end of March to support self-employed people impacted by a coronavirus. It’s about to launch ahead of schedule and we’re writing to you because you might be eligible to make a claim under the scheme. How to claim self-employment support The Self-Employment Income Support Scheme …

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Arab Accountants in Bromley

Work from Home Expenses

06/05/2020Accounting Issues , Misc

Computing business expenses has always been a hazy prospect, especially if you’re working from home or are self-employed—the concept of work and home has already been blurred, after all.  You’re very much entitled to receive certain amounts of expenses, but what are you specifically entitled to. List of Work from Home Expenses that can be …

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Government launches new small business micro-loan scheme

28/04/2020Misc

28 April 2020: the chancellor has announced a new Bounce Back loan scheme, allowing small businesses hit by the impact of coronavirus measures to apply for up £50,000, with the government guaranteeing 100% of the advance. Billed by chancellor Rishi Sunak as a “simple, quick, easy solution for those in need of a micro loan,” …

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Ways to keep your business running

4 Ways to keep your business running

23/04/2020Misc

The coronavirus disease (COVID-19) outbreak is putting local and international businesses at financial risk. In a bid to decrease the risk of transmission of the disease, this health crisis forced stores and companies to work remotely and use digital platforms to serve their customers continuously, even while observing physical distancing. While remotely working can be …

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common mistakes when calculating business profits

5 common mistakes when calculating business profits

06/08/2019Accounting Issues , Misc

Avoiding common errors when computing business profits HMRC produce a range of Toolkits for agents, which highlight errors commonly made in returns so that agents can take steps to avoid them. The business profits toolkit provides guidance on Common Mistakes When Calculating Business Profits for small and medium-sized businesses. They are helpful to anyone computing …

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How to Apply for Tax-Free Childcare

How to apply for tax-free childcare

06/08/2019Misc , Tax Issues , Tax Saving Tips

Government childcare scheme – tax-free top-up Working parents can receive a tax-free top-up from the Government to help with their childcare costs. The top-up is worth £500 every three months (£2,000 a year). A higher top-up of £4,000 a year (£1,000 every three months) is available where the child is disabled. To receive the top-up, …

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Tax Saving Tips At the Year End

Tax Saving Tips at the year End

06/08/2019Tax Saving Tips

Before you know it, the time for year-end tax will be right around the corner. It can get stressful to try and get everything in order, but there is good news for you! You don’t have to lose your mind trying to end on a high! Head to your accountant right away and talk about …

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