Posts Tagged: expenses

Confused about categorising equipment?

Let’s call a spade, a spade! Unfortunately not so simple in the world of accounting. Whether you are a sole trader or limited company, there are a number of different ways in which purchases of equipment and tools can be categorised in your accounts. If you are doing your own books it can be tricky… Read more »

What can I claim for travel and subsistence?

Travel and subsistence is a little bit of a can of worms (or even spaghetti)! The rules for self employed versus employees and company directors don’t always line up, so if you have recently moved from one employment structure to another, you might find yourself caught out by the differences. For both self employed and… Read more »

What is an accrual or a prepayment?

Belonging Your accounts will be prepared under what is known as the “accruals basis” – unless you are self-employed and choosing to do cash accounting. Accruals basis sounds a bit technical but it isn’t that bad really. I think about it in terms of “belonging”. You can only include sales and expenses that “belong” in… Read more »