Accounting Terms for Financial Business Literacy

a blog featured image with a topic about Xero vs Freshbooks

Xero vs. FreshBooks

Cloud-based accounting has taken a huge burden off of small business owners and sole traders globally. For one, most entrepreneurs nowadays have to wear multiple hats, particularly, that of business manager and accountant. For another, most entrepreneurs know the hassle of bookkeeping and handling their business accounts. There is a lot of cloud-based accounting software …

Xero vs. FreshBooks Read More »

a blog featured image with a topic about Xero vs FreeAgent

Xero vs FreeAgent

Accounting is vital in all businesses, big or small, whether it is freelance, contractual, or regular. But let’s face it, not everyone is an accountant, and not everyone can afford to hire one. That’s why bookkeeping software like Xero and FreeAgent are really useful for business owners who need to do their accounting on their …

Xero vs FreeAgent Read More »

Annette Ferguson's banner picture for a blog post with a titled about what is vat flat rate scheme

What is the VAT Flat Rate Scheme?

Her Majesty’s Revenue & Customs (HMRC) Value-Added Tax, VAT Flat Rate Scheme has existed since the 2002 Budget. This was introduced for small businesses owners, so they can be relieved of the administrative burden when preparing VAT returns by having them pay roughly the same amount of VAT without the complexity of much paperwork. The …

What is the VAT Flat Rate Scheme? Read More »

Annette Ferguson's banner picture for a blog post with a titled about When Do I Have to Register for VAT?

When Do I Have To Register For VAT?

Value-added tax can be considered one of the most controversial strategies of the previous century regarding taxation. It is the idea that we should add cost to goods and services for the benefit of the government.  Many people were opposed to this idea as this increases the cost of almost everything. When it was implemented …

When Do I Have To Register For VAT? Read More »

a blog featured image entitled how does making tax digital affect me?

If I Have a Non-VAT Registered Business, Does Making Tax Digital Affect Me?

Making Tax Digital (MTD) is an innovation introduced by HMRC to make tax filing and payment more manageable. It requires that accounting software be used in completing tax returns and that records are kept electronically. Currently, Making Tax Digital is compulsory in VAT-registered businesses with a taxable turnover of £85,000. But does this mean that …

If I Have a Non-VAT Registered Business, Does Making Tax Digital Affect Me? Read More »

a blog featured image with a topic title about should I register for vat?

Should I Register For Vat?

For substantial business decisions, most entrepreneurs have to rethink the idea a thousand times before coming to a choice. The same goes for the resolution of registering your establishment for value-added tax. As your sales start to grow, it is ideal to begin contemplating if VAT registration will benefit your business. In the last 12 …

Should I Register For Vat? Read More »

a blog featured image entitled what is long term liability

What is a Long-term Liability?

A long-term liability is a company’s financial obligation that is not due within the next 12 months or the current operating cycle (if it is more than 12 months). It is also known as long-term debts or noncurrent liabilities. Businesses need to generate funds as capital to cover their various activities, expenses, and investments. Loans …

What is a Long-term Liability? Read More »

a blog featured image with a title of what is depreciation? with a picture of annette

What Is Depreciation?

When you open a packet of a perfectly sealed food product you’ve bought from the grocery store, even if you haven’t taken a bite or reduced the contents, the value of the item is reduced to zero. Under normal circumstances, it would mean that you cannot refund your purchase at this point anymore. Depreciation is …

What Is Depreciation? Read More »

a blog featured image entitled what is a current asset with annette

What Is A Current Asset?

The Wealth Lab is back again! Every businessperson or entrepreneur started his or her enterprise with certain foundations in place. Nobody ever created a business from scratch. Everyone started with something such as capital (loan or savings), creative idea, skillset, and motivation, no matter how small. These things are what we call business assets. Generally, …

What Is A Current Asset? Read More »

a blog featured image entitled what is intangible asset with Annette

What Is An Intangible Asset?

Assets may vary with convertibility, physical manifestation, and duration, but all of them are equally essential to an enterprise’s success. They play a vital role in the everyday operation and existence of both a start-up and an industry giant in the world of business. Whatever asset your business harbours, hold on to that and try …

What Is An Intangible Asset? Read More »