The UK and the US have an important trade relationship. However, due to completely different tax systems, the process can be quite confusing. In this article, I will explain the VAT process when exporting or importing goods and services between the UK and the US.
If you have employees at your business, you will handle payroll on a regular basis. You will also need to record your payroll expenses in your invoicing software to balance your accounting records. In this article, I will describe how payroll works, and how to accurately record it with HMRC, and Debitoor invoicing software.
If your business receives imported goods from outside of the EU, it can be complicated to figure out how and where you can record import VAT on your invoicing software and accounting reports. In this article, I will explain how this works for both UK and Irish businesses, and if you are able to reclaim some of the VAT.
Import VAT is a tax charged on goods purchased from outside the European Union. You may have to pay a customs duty along with the import VAT if the imported goods exceed a certain amount.
Amid the COVID-19 pandemic, many people are encouraged to work from home and self-isolate. Whether you work from home permanently, or only temporarily during this crisis, there are certain tax issues and benefits that can present themselves when in a home office environment. Some topics I’ll cover are VAT, expenses, capital gains tax, and insurance.
As the COVID-19 virus spreads, many employees are encouraged to work from home and self-isolate. Invoicing software like Debitoor makes it easy to send invoices and collect payment from your clients during this trying time. In this post, I’ll help you get the most out of your invoicing software when away from your clients and colleagues.
As the novel coronavirus pandemic sweeps through the globe, countries are in lockdown, shops and restaurants are closing, public transport is halted, and many business owners and employees are now working remotely from home. We understand that business can not come to a complete stop, so here are some tips to get the most out of your invoicing software and keep your business running.
Traditionally, Christmas and New Year are all about spending time with friends and family. But for many businesses, the holidays are also an ideal time to celebrate with colleagues, employees, and clients – which can often lead to a number of additional costs.
Fortunately, some of these costs count as allowable expenses, and this blog post takes a look at which of your Christmas expenses can be deducted from your taxable profits.
Running a business not only requires a lot of hard work and dedication, it can also be a big financial commitment that often involves spending money from your own pocket.
As a business owner or freelancer that makes financial contributions to your business, it’s important that you know how to account for owner contributions, as well as how to record them in your invoicing software.
As a freelancer or entrepreneur, you’ll regularly spend money on your business, and if you manage your business’s bookkeeping and accounting, it’s important to know how to account for the purchases you make – which involves distinguishing between assets and expenses.
In this blog post, we explain how an asset differs from an expense, how to account for assets and expenses, and how to record both in your accounting and invoicing software.
For anyone running a small business, it’s important to have the right tools for creating invoices, sending quotes, and keeping track of your company finances. When looking for software to help you do this, you’ll come across many different options for invoicing and accounting, but, rather than having one program for your invoices and one program for your accounts, why not choose software that combines the two?
Depsite the name, Debitoor invoicing software isn't only designed for creating and sending invoices; with a range of features for bookkeeping and accounting, Debitoor can help small business owners take control of their finances. So here’s 5 ways you can use your invoicing software to manage your company’s accounts.
Everyone has habits. Some of us bite our nails, others drink too much coffee. But not all habits are bad, and getting into a routine of good accounting practices can make it easier to manage your company finances. Here’s four good accounting habits that can benefit every freelancer and small business owner.
When most people talk about bookkeeping and accounting, they often treat them as one and the same. While they’re closely related, there are some important differences.
Understanding what's involved in bookkeeping and accounting is particularly important for small businesses - it helps you break down which tasks can be handled within the company and which require help from a professional, plus it makes it easier to identify what you should be doing on a regular basis.
Effectively managing cash flow is vital to the runnings of your business. We all like to see what money is coming in, but if we dont keep track of what money is going out and what is on hand, then your business might be heading for a crash without you even knowing it.
Cash flow is one of the most important metrics to follow - especially when it comes to forecasting the future growth of your business.
In an invoice template, is it essential to distinguish between the issue date and delivery date?
When creating invoices as a self-employed person or an entrepreneur, there are some requirements and demands you need to be clear about and meet in order for your invoice to be considered a legal document. These requirements entail including certain mandatory content on the invoice, as requested by the tax authorities.
Whether you are a small business, freelancer, sole trader, or self-employed, it can be quite tough sometimes taking care of both your business and personal life.
When it comes down to it, your finances lay the path ahead for your business activity and growth, which is why it’s not a bad idea to turn elsewhere for some help or advice.
As a small business, you have many options for how to manage your accounting system, and you don’t have to do it alone. A common topic of discussion is whether you should use an accountant, or accounting software. In order to help you make this decision, we are going to discuss some vital points you should first consider.
As a freelancer or small business owner, one of your main responsibilities will be planning (and sticking to!) a budget. But how do you budget for an upcoming expense if you aren’t entirely sure when it will occur, or how much it will cost? The answer: you would create a provision.
A provision in accounting is a liability without a fixed timing or amount. When you create a provision, you are setting aside a certain amount to cover anticipated future expenses, before knowing exactly how much it will cost, or exactly when it would occur.
According to the matching principle, revenue generated in a specific accounting period must be matched against the expenses occurred within the same period. By creating a provision, you are ensuring that the cost will be expensed and recognised in the correct accounting period.
Your interaction with your customers and your suppliers has changed dramatically over the past decade or so. With the constant introduction of new technology, combined with new channels for communication and interaction, it’s no wonder these relationships have shifted to suit the times.
How you work with your accountant is no different. The myriad methods for recording, communicating, and assessing financial data, whether personal or for a business, have changed the way you interact with your accountant.
It's always been our aim to turn Debitoor into a simple and professional accounting application. And improving a relationship between you and your accountant is another step towards this vision.
Until recently you had to physically keep the copies of all your invoices and receipts in a box or an envelope so you could take it to your accountant at the end of the month and let them sort through this one-by-one to make sense of your accounts.
But thanks to the age of cloud software that we're living in it's really unnecessary to do this double work. Not to mention that the overuse of physical documents affects the environment.