Chart of Accounts

Chart of Accounts – A Basic Guide!

You are required to set up the chart of accounts (COA) in case you are taking over bookkeeping in your new company. If you do it rightly, your other tasks will be too easier to manage. The foundation of accounting is bookkeeping, and the initial step to managing your accounts correctly is “setting up the chart of accounts.” …

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what is a close company

What is a Close Company – A Basic Guide!

Within the United Kingdom, the term close company is totally different from closing the company, and it solely impacts private limited corporations. This term does not affect LLP or sole traders. A close company consists of participators that are less than or equal to five. Therefore, to know more about what is a close company and …

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Self-employed and employed

Can I be Self-Employed and Employed at the Same Time?

If you’re looking for a way to increase your income while still working full-time, you might be thinking if you can be self-employed and employed at the same time. The short answer is a resounding yes! If you’ve already had a full-time job while running your own business, you’re probably aware of the liabilities that …

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What is Child Benefit

What is Child Benefit and How to Claim It?

If you want to raise your family budget and you’ve just had a baby, you can claim child benefit anytime, but it is better to do so before the infant is three months old. You still need to apply, even if you believe that you won’t get anything. In this way, you won’t fail to …

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How does Crowdfunding work? It is a way to quickly raise large sums of capital from various lenders, customers, or investors, Learn more

What is Crowdfunding and How Does It Work?

The crowdfunding platforms provide small businesses a way to quickly raise large sums of capital from various minority lenders, customers, or investors in a short period of time. This type of fundraising is becoming more popular, and it is being utilised to fund not only businesses but also creative projects, social movements, etc. Therefore, in …

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What is Br tax code

What is BR tax code – A Basic Guide!

BR tax code is one of the most used tax codes, but only some people knew about it. The employees within the United Kingdom are paid under Pay As You Earn (PAYE). They are provided with a UTR number that is used to determine the tax they need to pay on their income. In addition, …

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corporate finance

What is Corporate Finance? – A Basic Guide!

You should think twice if you consider corporate finance apart from the actual company’s operations. Nevertheless, almost every business decision has financial consequences, and any decision requiring the use of money is a corporate finance decision. Therefore, in this blog, you will know what is corporate finance and what are its primary activities.    Don’t …

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how overdrafts work

How Overdraft Works? Types, Limit, Cost

In case you need to pay the unexpected expenses, an overdraft may be a thoughtful way of borrowing money from your bank in the short term. However, before using an overdraft, you should be aware of everything associated with it. Understanding the advantages and disadvantages of an overdraft can assist you in minimising, and even …

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How to Avoid Emergency Tax

How to Avoid Emergency Tax? A Basic Guide!

When you start work and fail to provide accurate and complete details to your employer, he will deduct the emergency tax from your paycheck. In addition to that, you will also pay an emergency tax on your pensions. So, read this blog to know how to avoid emergency tax and stop paying this.   Reduce …

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how to claim overpaid tax

A Guide Based on How to Claim Overpaid Tax from HMRC?

If you are looking for a significant source to know about how to claim overpaid tax from HMRC, then you just have found the right post. First, we will see the P800 tax calculation process of HM Revenue & Customs. This means that HMRC will automatically issue any tax repayment; you don’t have to claim it. …

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What Is HMO? A Basic Guide for Beginners

The landlords can have more occupants and earn more rental revenue by letting an HMO (House in Multiple Occupations). However, there are many rules and responsibilities like minimising size requirements, overcrowding, and licensing to HMO landlords. To know more about HMOs’ responsibilities, read this blog till the end.   Talk to one of our chartered accountants …

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Allotment of Shares

What is the Allotment of Shares & What are the Reasons for Issuing Shares?

You may want to change your company’s share structure by adding a new shareholder, or changing the current percentage of shares between the shareholders; this is where the allotment of shares comes into play. In the allotment of shares, the company issues and allots shares to new or existing shareholders. The shares can be allotted …

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Cash In Hand Work – How Tax Works On It?

Are you accepting cash in hand work? If yes, then you should know how you’ll be taxed on it. The taxes will be based on your circumstances, for instance, whether you are a registered self-employed person, a student, or have a job.  This blog will explain how HM Revenue & Customs reviews cash in hand …

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Accounts payable and Accounts receivable

Accounts Payable and Accounts Receivable – A Basic Guide!

Small businesses need to know about accounts payable and accounts receivable and their differences because helps them to get a better knowledge of their accounting process. In the world of business, where often you need to buy goods on credit, while you may also sometimes be needed to sell out them on credit. That is where …

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financial accounting and managerial accounting

What is the Difference Between Financial Accounting and Managerial Accounting?

Accounting data is collected in financial accounting 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 two types …

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Accounting Cycle

A Beginner’s Guide to The Accounting Cycle

Financial statements are essential for your business as you can not secure loans, sell your business, or plan expenses without them. These statements are produced through the accounting cycle. So, to run your business smoothly, many employers require an ongoing cycle of tasks. This cycle consists of multiple steps that are designed to turn all …

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Defined Benefit Pension

Defined Benefit Pension Scheme – A Basic Guide for Beginners!

In a defined benefit pension scheme, the amount of money you get in retirement is based on the number of working years for the company and your earned salary. So if you are looking for a significant source to know about DB pension, then you have just found the right post. This blog will inform …

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What is Equity

What is Equity? Definition, Formula & Importance

A company balance sheet contains the term “equity.” But this term is also common in personal finances, accounting, and amongst investors. This blog will inform you about what is equity, its different forms, and why it is essential for businesses and shareholders?  So, let’s start to explore more!   Our accountants at CruseBurke are qualified …

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Registered Office Address

Registered Office Address and a Business Address – Basic Guide

Knowing the difference between a registered office address and a business address can be confusing if you establish a limited company in the United Kingdom. Many individuals use addresses interchangeably, but each address has different purposes. Therefore, when it comes to the rules of the company address, you must follow them strictly when using, locating, …

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Benefits in Kind

Benefits In Kind – A Basic Guide!

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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