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and other number related thoughts

Definitions pt 2

We’ve had a request for a follow up to a previous blog of accounting definitions, this time requesting some more basic terms to help people who don’t work in a finance role but need to understand the terms, such as when needing to order from suppliers, etc.

We often speak to people after they’ve set up a limited company and are needing help with fulfilling all the requirements of having one, often costing them money they were not aware they would need to spend - now we’re not saying you shouldn’t have a limited company, it’s just important to know all the facts...

For the millions of employed people in the UK (31.2 million in the three months to April 2021), their tax code is an important piece of information - defining how much you are allowed to earn without paying tax for the year, so it’s important that it’s right, but how do you tell? If it’s wrong you could end up overpaying tax or worst still underpaying and having an unexpected tax bill later on.

We’ve blogged about the training we provide and the training we’ve undertaken in the past, but recently we popped a message on our socials as we’d been renewing QuickBooks advanced training - but what does this actually mean to you?

From 2003 until 2010 I was self employed and like so many in that situation, I did everything myself, bookkeeping and tax returns included. I never got a quote for my tax return to be done for me, mainly as I assumed it was a lot of money and I’d managed to do it so far without problems but also as I never felt my books were good enough...

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