Information and updates about Amanah Accountants
Fixed assets play a critical role in determining a company’s financial health and long term stabilityBut what exactly are fixed assets, and why are they essential? In this blog post, we will explore the concept of fixed assets, discuss their characteristics, and highlight their significance for businesses.Defining Fixed Assets: Fixed assets, also known as property, […]
What are fixed assets? Read More »
In the real of accounting, two essential terms often come into play: accounts payable and accounts receivableWhile they may sound similar, they represent distinct aspects of a company’s financial transactions. In this blog post, we will delve into the key differences between accounts payable and accounts receivable, shedding light on their roles, functions, and significance
What’s the difference between accounts payable and receivable? Read More »
Invoicing plays a crucial role in the business world, serving as a formal record of transactions and facilitating smooth financial operations. Whether you’re a freelancer, a small business owner, or an entrepreneur, it’s essential to understand the importance of creating invoices. In this blog post, we will explore why invoices are necessary, what information they
The Importance of Invoicing Read More »
Value Added Tax (VAT) is an integral part of the UK tax system.It is a consumption tax that is added to the price of most goods and services. If you are a business owner or considering starting a business in the UK, it is essential to understand your VAT responsibilities. In this blog post, we
What are my VAT responsibilities? Read More »
When starting a business, one of the most important decisions you’ll make is how to manage your financesOne question that often comes up is whether or not you need a separate business bank account. In this blog post, we’ll explore the benefits of having a separate business bank account and help you decide if it’s
Do I Need A Separate Business Account? Read More »
Are you considering starting a business in the UK?f so, now may be the best time to take the plunge. With a combination of government support, a thriving entrepreneurial ecosystem, and a growing consumer market, there has never been a better time to start a business in the UK.Here are just a few reasons why
Why Today is the Best Time to Start a Business in the UK Read More »
If you’re running a small business, one of the most important decisions you’ll make is choosing the right accounting method. Cash-basis and accrual accounting are the two most common methods, and each has its advantages and disadvantages. In this blog post, we’ll explore the differences between cash-basis and accrual accounting, and help you decide which
Should I use Cash-Basis or Accrual Accounting? Read More »
As a taxpayer in the United Kingdom, it’s important to keep track of important tax deadlines throughout the year to avoid penalties and ensure that you’re meeting your tax obligations. Here are some of the most important dates to remember:April 5th – End of the tax yearThe UK tax year runs from April 6th to April
Important Tax Dates You Should Keep In Mind Read More »
Improving your credit score is an important step towards financial health. A good credit score can make it easier to obtain loans, credit cards, and even rent an apartment. We’ve seen many individuals struggle with their credit score, and we’re here to offer some tips on how to improve it.Check your credit report regularly: The
How to improve your credit score: Tips from an accountant Read More »
Accounting mistakes can be costly and time-consuming to fix. Here are some common accounting mistakes to avoid and how to fix them:Not reconciling accounts regularly: Failing to reconcile your accounts regularly can lead to inaccurate financial statements. To fix this, make sure you reconcile your accounts at least once a month and investigate any discrepancies.Mixing
Common accounting mistakes to avoid and how to fix them Read More »
