Recording transactions for a small business?
Date Account titles Post Ref. 1 July Dr Cash at Bank 11 $50,000 Cr Contributed equity 31 $50,000 1 July Dr Prepaid rent 15 $3,600 Dr GST paid 16 $540 Cr Cash at Bank 11 $4,140 1 July Dr Prepaid insurance 14 $2,400 Dr GST paid 16 $360 Cr Cash at Bank 11 $2,760 5 July Dr Office Furniture 17 $3,300 Dr GST Paid 16 $495 Cr Cash at Bank 11 $300 Cr Accounts payable $3,495 15 July Dr Office Supplies 13 $800 Dr GST Paid 16 $120 Cr Accounts payable 21 $920 18 July Dr Cash at Bank 11 $1,725 Cr Service Revenue Received in Advance 22 $1,500 Cr GST Collected 23 $225 22 July Dr Accounts Receivable 12 $3,450 Cr Service Revenue 41 $3,000 Cr GST Collected 23 $450 26 July Dr Salaries Expense 51 $2,800 Cr Cash at Bank 11 $2,140 Cr PAYE Payable 25 $660 29 July Dr Cash at Bank 11 $3,450 Cr Accounts Receivable 12 $3,450 31 July Dr Telephone Expense 52 $200 Dr GST paid 23 $30 Cr Accounts payable 21 $230 Adjustments 31 July Dr Rent Expense 57 $900 Cr Prepaid Rent 15 $900 31 July Dr Office Supplies Expense 53 $570 Cr Office Supplies 13 $570 31 July Dr Service Revenue Received in Advance 22 $150 Cr Service Revenue 41 $150 31 July Dr Insurance Expense 55 $200 Cr Prepaid insurance 14 $200 31 July Dr Depreciation Expense 56 $50 Cr Accumulated Depreciation: Office Furniture 18 $50 You did pretty good.
As a French, can I start a business in the UK?
Yes you can start a business in UK.But before starting business you need to know the term of condition of business it can be different from your home country term and conditions.Here can be different business starting rules and regulations, different Tax setup etc. You also need to keep in mind following question before starting new business UK:Do you have a proper business plan?How much money do you need and what will it be used for?Can you finance things yourself or do you need funding?Are you setting up as a sole trader, partnership or limited company?What business structure will you use?Where are you going to trade from – home or business premises?Are you recruiting staff and have you thought about employment issues & payroll?All these and many more things you need to consider before starting any new business in UK.It can become hurdle for your new starting business.But this hurdle you can resolve by taking services from any business advisory firm such like Birchtree Sullivan or any firms in UK.Business advisory firms can share your work load more than 50% .They can perform following task on your behalf:Setting up the companyBusiness planningManaging your cash flowBook-keepingAccountsTaxes and all the paperworkVAT & PAYE registrationPayrollIT and accounting systems
I'm considering starting my own business in the UK. What should I be aware of in terms of paying myself as a paye employee versus a director?
I am not a tax professional, and you should consult one. (I'm nit even British!) However I can say that the dividend tax rates in the UK are lower across the board than income tax rates. So to the extent you have a choice, take dividends rather than salary. I'm told this is not uncommon. More info from HMRC can be found here: https://www.gov.uk/running-a-lim...
Does a P45 have an impact on the payroll PAYE? (UK)
You asked:“Is P45 has an impact on the payroll PAYE? (UK)We hired new employees to our company. Is the P45 will have an impact on tax and payroll? We are UK based software development company.”I have to endorse the two earlier answers; if you are really as totally ignorant about the entire U.K. system of taxation and generally running a business as your question implies, then I would have serious doubts about your ability to run a company at all. I would also have considerable worries about the quality of any software your people might produce, because it all suggests that you have been here about 10 minutes and haven't the faintest idea about anything much, and would therefore be unlikely to put any business your way.I would suggest that, quite apart from taking serious advice from a competent firm of accountants, you also need to hire some local people who know what they are doing, and listen to them.Edit: When a new employee joins your company, they give you their P45 from their last job. This tells you how much tax and NIC they have already had taken from their pay this Tax Year. Your company has to go on from there. So it is very important that you copy the right details. The same information will have gone to the HMRC people. When someone leaves your company, you have to give them a P45 too, with the same information on it. There are 3 copies; one is kept by the employee, one goes to their new employer, and the other goes to HMRC. They must be right, or your company will get into lots of trouble, you could be closed down, and someone could go to prison.This is why you must keep good records, and you need good accountants.
Which is the best certification for a UK/US payroll?
Didn’t get you!Are you searching for the best free printable pay stubs online?
Guys, it's urgent? What is the legal framework in which businesses in UK operate?
The question is so lacking in detail & so broadly framed as to be virtually impossible to answer on a Q&A site like Quora.What exactly do you want to know so urgently?The 'Legal Framework' has evolved over centuries & encompasses a large part of UK law. There is law about business practices, supply of goods, advertising practice etc., etc. Basically, whatever you sell or do must be: What you sell or do. (For example: 'Fresh' doesn't mean filled with chemicals & stored in a freezer for a year...). Misrepresentation can be frowned upon!Law specific to Business or Company law is a VAST area, so is contract law. Accounting practices can involve several years of study to master.In comparison, things like VAT regulations are fairly straightforward & you can get leaflets about it! You'll probably need to be aware of Employers National Insurance contributions, Tax (Corporation tax, PAYE., etc...).However, starting a business is easy. You just... Start a business. If you're a sole trader, tell the tax man & go onto what's called 'self assessment' for income tax purposes. It's easy.If it's a Limited Liability company ('Ltd') you want, set up a Limited liability company. Doesn't cost much & you become a company director. You'll need to file annual returns. If the size of the new business warrants it, engage an accountant and a Solicitor. They will advise based on the specifics of your business, probably much better than random strangers on Quora who don't know what you're proposing to do!
Am i personally liable for my ltd companies debt if i strike it off? PLEASE HELP!!?
looks like you are gonna need a lawyer and an accountant cos you could be in deep sh//t (virgin media could be the least of your problems) (1) "you" cannot write any "debt" off- you can only set company expenses against company profits 2) "it would come off my tax rather than my own money" no it dont- it comes of the tax on the profits the company makes You can set company expenses against that profit to lower the taxes the "company" pays (those expenses include money the company pays to you for the work you did FOR the company) 3) looks like the company aint being making any profit - so there is nothing to set those expenses against (my betting is- you have taken all the money paid to the company (for the work you did) as YOUR income , while ignoring expenses the company should have paid (such as virgin media)) Your problem is - if you operate a company that continues to accumulates debt that it has no way of paying THATS fraud (by you as company director) (it cant pay them cos you have been taking all company income as your "pay") 4) If you took money from the company as pay then you should have paid NI contributions and paid tax on it as an employee ,and declared this payment in the company books Only other way you could get the money is direct from the company AFTER the company had paid its debts (ie - the "distributions of profits of the company") THEN filled out a self assessment form declaring this as income (from company dividend) . AND paid NI as a company director My betting is- you aint done either of these. Only way you gonna find out how deep the ****, is to do what "girlie electrics" says , but my betting is - its gonna take the rest of this year to sort it out (you should have subscribed to "quickbooks" - For a small monthly fee they would have done ALL your bookkeeping, taxes etc for you As self employed it would have only cost you at most £6/month)
I need help...what are the theoretical framework about the payroll system and the database too??
It's a tiered system.