RS Accountants

What should you put on a sales invoice?

by Russell Smith | Sep 20, 2015 | Accounts

The Essential Things You Should Include on a Sales Invoice If you sell a customer a product or a service, you need to give them an invoice (bill) by law if both you and the customer are registered for VAT (a business-to-business transaction). An invoice is not the...

Cash flow – solving the biggest business headache of all….

by Russell Smith | Sep 17, 2015 | Accounts

The one thing that people in business worry most about is usually cash flow. The trouble with cash flow is that it doesn’t match your profit i.e. you can make lots of profit on paper but it doesn’t show up in your bank accounts. This is to do with timing...

Should you have your company accounts year end the same as the personal tax year?

by Russell Smith | Sep 15, 2015 | Accounts

One of the confusing things about becoming a limited company is that your company year end for your accounts is different to your personal tax year. Your personal tax year is 5 April 2015 (if you want to know why it is 5 April and not 31 March or even 31 December,...

The new tax on dividend – this is what you need to know….

by Russell Smith | Aug 25, 2015 | Accounts

In the last budget in July 2015, George Osborne announced changes to tax on dividends. Not all the information was revealed in July but now the government have released more details on how the tax will work. The good news is that it is now simpler to understand....

Why should you pay yourself a salary from your company?

by Russell Smith | Jul 14, 2015 | Accounts, Tax

There is a single most tax efficient way to pay yourself as a limited company (assuming you don’t have any other income). This has been similar advice for the last 6-7 years. This advice will change slightly from 6 April 2016 but for now here is how to pay yourself...

What does a bookkeeper do?

by Russell Smith | Jun 26, 2015 | Accounts

In summary, this is what the bookkeeper does: Step 1 – Invoices Raise the sales invoices Record the sales invoices in the accounts (both the sale and the debt owed FROM the customer) Give the purchase invoice / expense receipt a reference number Record the...

Here are the numbers you don’t have that you need to drive your business forward….

by Russell Smith | Jun 22, 2015 | Accounts

I often talk about profit, sales, cash and the importance of knowing these numbers every week in your business. If you’ve got these, then here are some more numbers that you need to grow your business that your competitors will not have bothered to calculate:...

There are two types of expenses in your business….

by Russell Smith | Jun 16, 2015 | Accounts

There are two types of expenses. There are (jargon alert) ‘cost of sales’ and ‘overheads’. Cost of sales or sometimes called ‘direct costs’ are those costs in the business that directly impact the sales. For example, if you are making pens, then ink would be a...

What is the deadline for the Companies House annual return?

by Russell Smith | Jun 13, 2015 | Accounts

Annual return – 28 days after your incorporation anniversary Your annual return is a much simpler document than the year end accounts. It is essentially a confirmation that your company name, registered office, director and shareholder’s details are the...

The importance of tracking your numbers…

by Russell Smith | Jun 8, 2015 | Accounts

Most business owners look at their numbers – sales, profit, cash – every month. However, I would argue that is far better to look at the numbers every week. You can change things quicker and act accordingly. A month is a long time in business. It does take a...