By Peter Taylor
Money owed are only as vital as the other element of a company, and will be an important to its prosperity or even survival. In "doing the books" you'll be on the very middle of the enterprise, together with your fingers at the controls. you'll be fascinated by the administration of its resources and liabilities, its bills and its revenue margins. The extra keep watch over you've got over those, and the documents and figurework on which they're established, the higher it is possible for you to to manage your personal company.
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Extra info for Book-Keeping & Accounting for Small Business, 7th edition
Box 3 is the sum of boxes 1 and 2. Box 4 shows the VAT input tax on your purchases. Box 5 is the difference between boxes 3 and 4. It represents either the VAT due to the Customs & Excise (if box 3 exceeds box 4) or the sum you reclaim from them (if box 4 exceeds box 3). The figures in boxes 6 to 9 are used by the VAT office to prepare statistics and to check figures declared in the other boxes on the form. Box 6 shows your total sales excluding VAT. Box 7 shows your total purchases for the business excluding VAT and certain other expenses such as wages.
4. Decide how often you need bank statements to be issued to you: generally once a month is about right. Handling cheques and paying-in books A cheque is a simple means of making payments out of your bank account. Do always record details of the payment on your cheque stubs so that you can write up your cash book later on. This might seem obvious but it is surprising how often people forget. In the same way, use your paying-in book to pay money into your bank account. g. sales) should be noted on the counterfoil.
Obviously from time to time your business may incur a large expense on which, under the standard VAT scheme, you would have been able to reclaim a substantial amount of input tax. Examples of this might be the purchase of a new delivery van or some expensive production machinery. To allow for such special circumstances under the flat rate scheme, you are permitted to reclaim the VAT on the acquisition of capital assets that cost over £2,000. One final point to mention is that if you are using the flat rate scheme then when you issue invoices to your customers you should show the full standard rate of VAT (unless the sales are zero rated) and your customers will be able to reclaim all of the VAT (if appropriate) even though you are paying a lesser rate to the VAT Office.