What is accounting and what is the benefit of it?

Accounting is the backbone of business. Ethical and professional accounting forms a clear financial image of a business, and allows managers to make informed decisions, keeps investors abreast of developments in the business, and keeps the business profitable. It is also one of the oldest professions; businesses have been practicing accounting for thousands of years.

What  is Company Formation?

In the UK the process of incorporation is called company formation, it is also sometimes referred to as company registration. Under UK and most international law a company or corporation is considered a separate entity to the people who own or operate the business.

Sefl Assessment

Self Assessment involves completing an online or paper tax return in order to tell us about your income and capital gains (profits on the sale of certain assets), or to claim tax allowances or reliefs against your tax bill. We use the figures on the tax return to work out your tax bill, or you can work it out yourself.

There are different types of tax return and different 'supplementary pages' you may need to complete depending on your circumstances. There are also deadlines for sending your tax return in - and penalties and interest charges if it arrives late.

What is Payroll?
The term 'payroll' encompasses every employee of a company who receives a regular wage or other compensation. Some employees may be paid a steady salary while others are paid for hours worked or the number of items produced. All of these different payment methods are calculated by a payroll specialist and the appropriate paychecks are issued. Companies often use objective measuring tools such as timecards or timesheets completed by supervisors to determine the total amount of payroll due each pay period.

When to register for VAT?
Value added tax (VAT), is a sales tax levied on the sale of goods and services. In some countries, including Singapore, Australia, New Zealand and Canada, this tax is known as 'goods and services tax' or GST. VAT is an indirect tax, in that the tax is collected from someone other than the person who actually bears the cost of the tax. Personal end-consumers of products and services cannot recover VAT on purchases, but businesses are able to recover VAT where they use the supplies that they receive that bear VAT to make further supplies that also bear VAT. In this way, the total tax levied at each stage in the economic chain of supply is a fraction of the value added by a business to its products, and most of the cost of collecting the tax is borne by business, rather than by the state. VAT was invented because very high sales taxes and tariffs encourage cheating and smuggling.