Digital Tools Recommendation

To make our clients get better service experiences, we will adopt some useful digital tools to make our services more understandable and convenient.

Here are two free websites below that can simpify the process of managing your financial statements. You can use websites below to make your materials more reliable and data-based.

Frequently Uesd Resources

How to make the income statement for a small company?

Here are main eight steps to prepare an income statement for UK companies.

  1. Pick a Reporting Period. 
  2. Generate a Trial Balance Report. 
  3. Calculate Your Revenue. 
  4. Determine the Cost of Goods Sold. 
  5. Calculate the Gross Margin. 
  6. Include Operating Expenses. 
  7. Calculate Your Income. 
  8. Include Income Taxes.  

What is the accounting rules for UK companies?

Accounting for UK companies - GOV.UK (www.gov.uk)

 

How to Prepare a Balance Sheet for only 5 Steps ?

A balance sheet is a financial statement that communicates the “book value” of an organization, as calculated by subtracting all of the company’s liabilities and shareholder equity from its total assets.

A balance sheet offers internal and external analysts a snapshot of how a company is performing in the current period, how it performed during the previous period, and how it expects to perform in the immediate future. This makes balance sheets an essential tool for individual and institutional investors, as well as key stakeholders within an organization and any outside regulators who need to see the status of an organization during specific periods of time.

You can browse the website below for further information:

link: How to Prepare a Balance Sheet: 5 Steps | HBS Online

How to estimate your income tax for the current year?

 

Use this service to estimate how much Income Tax and National Insurance you should pay for the current tax year (6 April 2024 to 5 April 2025).

This service is for employees who pay tax and National Insurance each month through their employer.

It tells you what your take-home pay will be after: 

  • paying tax 

  • making any pension contributions 

  • making any student loan repayments

 

If you’re registered for Self Assessment, the Self Assessment tax calculator can help you estimate your tax bill.

Also, we will recommmend this tool below if you need to calculate precious data.

Tax Calculator | UK Tax Calculators

 

What are the 5 accounting principles in the UK?

 
Although the guidelines for accountants are extensive, there are five main principles that underpin accounting practices and the preparation of financial statements. These are the accrual principle, the matching principle, the historic cost principle, the conservatism principle and the principle of substance over form.