We know not everyone who has to deal with business finances has a background in accounting, so based on some of the questions we get asked by our clients, we have created a few guides that explain the background to some key business accounting issues. 

Click on the links below to go to the individual guides.

A bank reconciliation is a check of your bank statements against your business accounts.  Both sets of records should agree with each other, but if they don’t match it is important that you know as quickly as possible and can correct the problem.  A mismatch is often just a bookkeeping error, but it could be due to an incorrect payment or fraudulent activity.  Our guide answers some of the most commonly asked questions about bank reconciliations.

Following on from our first guide to bank reconciliations, this guide takes you through a simple but thorough 8 step process to help you compare your business accounts with your bank statements, the common causes of errors and how to correct them.

Our guide explains what the VAT thresholds are, and how they could affect your business.  We explain how to calculate if you need to register for VAT, when and how to register and the implications for your customers.  The guide also covers how to deregister for VAT for businesses with declining turnover.

If you receive anything from your employer with a monetary value that is not entirely necessary for you to do your job, it should be declared as a Benefit in Kind.  Our guide covers the questions people typically raise when dealing with this subject.  If you want to know who is responsible for declaring a Benefit in Kind, how the tax is calculated, what happens if benefits change during a tax year and when you need to need to report them, this is a great start point.  It also covers the implications for employers.

Working from home became much more common during the Covid-19 lockdowns and many employees now split their working hours between a company workplace and their own home as “hybrid” workers.  Others may use their home as their principal place of work.  Our guide explains the potential advantages and disadvantages of working from home from the perspective of employers, employees and the self-employed.  We also cover the tax implications of working from home – what tax relief you can claim.

 

We plan to add more guides to this section of the website over time, so if there are any subjects you would like us to address in future business guides, please contact us with your ideas and any specific questions.

Our guides are a good start point, but if you require further advice or would just rather talk to a helpful and professional expert, then call us on 0121 474 2683 or send an email to This email address is being protected from spambots. You need JavaScript enabled to view it.

Contact us

Wythall Business Centre, May Lane, Hollywood
Birmingham, B47 5PD

0121 474 2683

info@wilsonbott.co.uk

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