Annual accounts

Accruals in accounting: the facts

Unfortunately, when doing your annual accounts, it’s not always possible to know how much your operating expenses will be in advance. Because of this, you should always allocate a portion of your income for provisions and accruals. This way, you can avoid financial risks. But what do these terms mean, and how should they be recorded on your company’s balance sheet? This handy guide provides [...]   

Filing entertainment expenses: Here’s how it works

When it comes to entertaining clients and business partners, the UK is not the most tax friendly of locations. However there are still some ways of saving money with your entertainment expenses, and this includes entertaining both clients as well as your own staff. Here you can read all the steps that you need to take to make sure you file your company entertainment expenses correctly, as well as [...]   

Loss carryforward and loss carryback: tips for doing taxes

Just because your business has been running smoothly for years, it doesn’t mean that things will always be this way. There could be times where the expenditures of your business are greater than its revenues. It wouldn’t be fair to expect the company to pay tax when it isn’t as financially stable as in previous years. This is where the provisions, loss carryforward, and loss carryback come into [...]