Debitoor blog

Tips, news, and advice from the team at Debitoor


The different types of accounting

If you’ve recently started a business, you may be surprised to learn that there is more than one type of accounting. In fact, there are a variety of different accounting methods, terms, and systems available that each analyse different aspects of your business.

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This article outlines the top 4 accounting types that your business should be aware of. We’ll explain how each of them works, in which cases you should use them, and which accounting documents are required.

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Recording refunds from suppliers with your invoicing software

Invoicing software can do a lot more than create invoices. It can support a wide variety of business tasks, including managing your expenses.

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When you order from a supplier, recording these expenses in your invoicing software is an important part of keeping track of your finances and will make a difference to your profit and loss statement. Therefore, if you receive a refund from your supplier, it’s necessary to record this refund accurately so retain a clear grasp of exactly how much your business is spending.

This article explains how to record a refund from a supplier by adding a ‘negative’ expense to your records. Guiding you through the steps, it reminds you how to register and categorise your expenses, match an expense with a bank transaction, and most importantly, handle a supplier refund so your expenses are still accurately reported.


Construction Accounting: The Basics

Construction accounting can be complex, especially due to the many schemes and regulations introduced by the UK Government. Taking control of your finances is essential for the stability and long-term growth of a construction business.

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This article explains how to do construction accounting, how it differs from accounting in other sectors, and important considerations.

Steve Bicknell

UK plug-in grant for electric company cars

Now that we’ve entered into a new tax year, businesses should start thinking about ways to extract cash from their business. There are several ways to do this, including lowering your salary and taking dividends, but this article will focus on purchasing electric vehicles with the UK Government’s plug-in grant.

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The Government is offering a variety of grants making it more affordable to purchase an electric vehicle, and to help businesses keep more of their hard earned cash.


Recording expenses with an email alias

Organising your expenses is essential if you have run a small business. You should keep a daily record of your expenses by saving receipts, invoices, and other expenses to your invoicing software. Recording all expenses will help you keep track of your cash flow and simplify your tax reporting.

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Despite how important this is, expense tracking can still be neglected at busy times if it’s not simple to do. This article explains how to record your expenses with the help of an alias email and why this is a good solution for expense tracking during peak times.


Customer retention strategies

Now that businesses are starting to reopen after the lockdown, they should try to find ways to not only gain new customers but also retain their existing customers long-term.

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Driving business growth with customer referrals

A customer referral is when a client you have previously worked for recommends your business to someone outside of your network. This can happen spontaneously during a conversation, or it can be a result of incentives you have put in place.

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This article explores how to drive your business growth through customer referrals. It explains how this process works, how you can capitalise on this marketing approach, and how to manage customer referrals with your invoicing software.


How Debitoor can help you complete your Self Assessment

Completing your Self Assessment tax return isn’t the most enjoyable part of running a business, but it needs to be done. Luckily, Debitoor makes it simple for you to find the data you need to make the process straightforward and effortless.

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The past year has been a whirlwind and anything but normal. Most businesses have taken a hit from the pandemic, and many are even shutting their doors for good. This hasn’t been an easy year, but hopefully, we can help you make your taxes a little bit simpler.

If you use Debitoor as a freelancer or self-employed person, you can track your expenses, record your income, access accounting reports, export your data, and invite your accountant. This article explores the different ways that Debitoor invoicing software can help you complete your Self Assessment.


New tax year: Changes from April 2021

Every April, the UK enters a new tax year, and most of us will be happy to put 2020 (finally) behind us. Over the coming weeks or months, you’ll likely start preparing your financial documents to submit your Self Assessment or Company Tax Return. There are also some upcoming changes that you should be aware of.

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Unlike previous years, the coronavirus pandemic has delayed many of the scheduled changes that were supposed to take place.

This article looks ahead to the new tax year, including tax breaks, VAT changes, new regulations, and wage changes being introduced.

Steve Bicknell

The super-deduction tax break for business equipment

As part of the 2021 budget, the Government announced the super-deduction tax break. The super-deduction allows businesses to claim 130% of expenditure for new business equipment against their taxable profits.

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The super-deduction begins from April 2021 and will provide up to 25p off your tax bill for every pound spent on eligible purchases of plant and machinery. This article explains how it works, which purchases are eligible, and how to calculate your savings.

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