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We use Information from your accounting journal and your general ledger in the preparation of your business's financial statements: including income statement, the statement of retained earnings, the balance sheet, and the statement of cash flows

Any business that has employees will need to run a payroll and submit RTI (Real Time Information) Returns to HMRC on each pay day. Unfortunately penalties starting at £100 per missed RTI return are payable to HMRC and any underpaid tax and NI due will also accrue interest.

When a business charges VAT on a sale they are collecting that money on behalf of HM Revenue & Customs. If a business is VAT registered they can reclaim the VAT they have paid on purchases. The difference between what they have charged on sales and what they have paid on purchases must be sent to HM Revenue & Customs

The majority of new company formations in the UK are companies limited by shares. This is the standard 'LTD' business structure for any company which has been formed with the intention of generating profit for the owners of the business.

Basically, it’s the company equivalent of income tax but for registered companies. Corporation Tax is based on the profits your business makes, and the rate depends on how much profit is generated.

Most management accounts' packs or templates are made in Excel. Transactions are recorded using some accounting software, such as Sage, Sun, SAP. The monthly income statement template is divided into sections, such as revenue, cost of sales and gross profit.