For new small business owners in Ireland, accountantonline.ie presents webinars regularly to its clients on how to manage the financial aspects of your new small business. In this webinar we talk about --Keeping records – what types of records you should keep, for how long, and what are the most efficient and organised ways to store your documents VAT – Revenue compliance requirements Financial terminology – we’ll help you to understand key bookkeeping terms like bank reconciliation, accounts payable and accounts receivable Understanding financial data – the importance of accurate data to make good business decisions.
Bookkeeping involves keeping track of your financial records, such as receipts, expenses, invoices, and bank statements in your business.
From a practical perspective it involves:
Data entry
Reconciliations
Aged analysis & credit control
Reporting
Good bookkeeping can help to grow your business. But what is good bookkeeping?
Accounting is a bit more complicated than bookkeeping.
Accountants may oversee your bookkeeping and make sure the records are maintained correctly but they don’t usually carry out any data entry. Your accountant will prepare technical accounting duties like preparing profit and loss accounts, balance sheets and file your tax returns.
Types of documents needed for bookkeeping: Sales and purchase invoices/receipts
Bank and Visa statements
Payslips and wage sheets
Stock / ecommerce / Point Of Sale (POS) reports
Verification records for assets such as property, machinery or vehicles
Cash books and receipts
We also cover Accounting software, VAT registrations, reverse charge VAT
Understanding Financial Data – What do I need to have/know
Budgets
Income Statement
Profit and Loss A/C
Balance Sheet
Cash Flow
Debtors/Creditors
Vat Registration UAE We Offer VAT Registration Services in UAE | Our experienced account managers Will take VAT and excise tax registration.
https://www.ebs.ae/vat-registration-uae/
Alpha Tax Advisors: A Global Consulting Powerhouse
We came into existence a few decades ago and, because of our excellent relationships with our clients, we have grown exponentially. We started small, with just a few people in a small office, but with our continuous efforts and quality work today, our team is growing day and night and we are ready to break records.
Alpha Tax Advisors is a global tax consulting firm that has experienced exponential growth since its founding a few decades ago. Starting with just a few employees, the firm now has a large team that provides a range of tax and accounting services to clients, including self-assessment tax returns, accounting management, payroll services, bookkeeping, company tax returns, and VAT accounting. The document describes each of these services and explains how Alpha Tax Advisors ensures financial transactions are properly recorded and comply with relevant regulations.
The complete guide to understanding VAT returns for small businesses in the UK. Our presentation includes: VAT principles and how VAT is collected, the different types of VAT rates and categories they apply to, how VAT returns are calculated for small businesses selling exempt products, VAT registration rules and advice, the three VAT schemes explained, useful real-world examples and much more.
This document provides an overview of Value Added Tax (VAT) in the UK. It explains that VAT was introduced in 1973 and is charged on most goods and services at either a standard 20% rate, reduced 5% rate, or 0% zero rate. VAT registered businesses charge VAT on sales and can reclaim VAT paid on purchases. Filing quarterly VAT returns involves reporting output tax charged to customers and claiming back input tax paid to suppliers. Certain goods and services are exempt or zero rated under the VAT system.
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This document provides an overview of starting a small business and covers topics such as defining a business, getting started, record keeping, expenses, and requirements. It discusses the differences between being a sole proprietor versus incorporated and outlines options for basic accounting, payments, and software to help organize finances. Resources from the CRA, Small Business BC, and WorkSafe BC are listed to support entrepreneurs with registration, consultation, education, and compliance requirements.
Vat Registration UAE We Offer VAT Registration Services in UAE | Our experienced account managers Will take VAT and excise tax registration.
https://www.ebs.ae/vat-registration-uae/
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This document provides an overview of starting a small business and covers topics such as defining a business, getting started, record keeping, expenses, and requirements. It discusses the differences between being a sole proprietor versus incorporated and outlines options for basic accounting, payments, and software to help organize finances. Resources from the CRA, Small Business BC, and WorkSafe BC are listed to support entrepreneurs with registration, consultation, education, and compliance requirements.
Understanding VAT returns in the UAE can be challenging for businesses new to its tax landscape, mainly since VAT was introduced in January 2018.
https://www.ebs.ae/vat-and-excise-returns-filing/
This document provides guidance on starting a new business, including reasons to consider and not consider starting a business, initial steps like setting goals and creating a business plan, registering the business with tax authorities, setting up business banking and bookkeeping, deciding if VAT registration is needed, launching the business by obtaining equipment and customers, and the importance of working with an accountant.
This document provides a summary of taxes in the UK, including income tax, corporation tax, VAT, and how to spread the costs of taxes through financing options from White Oak UK. It defines each major tax, how often payments are due, and tips for tax filing and claiming deductions. White Oak UK offers short-term loans to help businesses pay tax bills in installments rather than a lump sum. The loans can be arranged quickly online and provide cash flow benefits over using cash reserves.
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The document provides an overview of important accounting considerations for small business owners, including how to select an appropriate business entity, manage taxes, cash flow, bookkeeping, payroll, and how to assemble a professional advisory team. It discusses key decisions around entity structure, accounting methods, tax obligations, and recommends outsourcing tasks like payroll and bookkeeping to ensure compliance.
FellowBuddy.com is an innovative platform that brings students together to share notes, exam papers, study guides, project reports and presentation for upcoming exams.
We connect Students who have an understanding of course material with Students who need help.
Benefits:-
# Students can catch up on notes they missed because of an absence.
# Underachievers can find peer developed notes that break down lecture and study material in a way that they can understand
# Students can earn better grades, save time and study effectively
Our Vision & Mission – Simplifying Students Life
Our Belief – “The great breakthrough in your life comes when you realize it, that you can learn anything you need to learn; to accomplish any goal that you have set for yourself. This means there are no limits on what you can be, have or do.”
Like Us - https://www.facebook.com/FellowBuddycom
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This document provides an agenda and overview of information from Companies House. It begins with welcoming attendees and introducing Companies House and what it does, including recording company life events and providing trusted information. It then discusses various company types, how to start and make changes to a company, trading disclosures, and director and secretary responsibilities. The document also summarizes Companies House's strategic review, filing annual returns and accounts, late filing penalties, and the dissolution process. It concludes with a discussion of intellectual property.
This document provides information about sole traders and limited companies. It discusses what a sole trader is, their legal responsibilities, and how to register as one. It also covers why someone may want to form a limited company instead, the benefits of limited liability, and what information a limited company must provide to Companies House. Finally, it discusses some of the functions of Companies House, including company registration, annual reporting requirements, filing accounts, and dissolving a company.
Accounting provides a standardized language to identify, measure, and communicate a business's economic information. The basic accounting concepts include the chart of accounts (COA), which categorizes transactions into accounts like assets, liabilities, equity, income and expenses. Financial statements like the profit and loss statement, balance sheet, and cash flow statement give an overall picture of the business's performance and financial position using the framework in the COA. Proper accounting helps track cash flows, profits and losses, assets and liabilities to understand a business's whole financial situation.
When running a business, it’s important to regularly keep track of how your business is going. As a business owner, there are a variety of financial reports and statements you can use to track your business.
The document discusses the differences between accrual and cash basis accounting. Accrual accounting records revenue when earned and expenses when incurred, regardless of cash flow. Cash accounting only records transactions when cash is received or paid. Most companies use accrual accounting because it provides a more accurate financial picture by matching revenue to expenses in the appropriate periods, even if no cash has changed hands yet. The document also provides additional details on how and when each method recognizes revenue and expenses.
The document summarizes information from a presentation on financial fundamentals for creative practitioners, including:
- The presenter, Jane Norton FMAAT, is the director of Norton Accountancy Ltd and formerly served as a trustee for Spike Island for 5 years.
- Norton Accountancy has 3 offices in Bristol, Cardiff, and Newport with 25 staff serving over 2000 clients, many of whom are artists, musicians, writers and designers.
- The presentation covers topics such as methods of trading as different types of businesses, the importance of having a business plan, funding requirements, bookkeeping, profit and loss accounting, tax returns, and annual accounts.
We’ll give a brief introduction on VAT specifically for SMMEs covering the following:
1. VAT Registration
2. Basic Principles of VAT
3. Pros and Cons
4. VAT Reporting
- When starting a limited company, you must register it with Companies House by providing information such as the company name and directors, and creating documents like a memorandum of association.
- As a limited company, it is important to understand the legal status and maintain proper accounts, which includes filing corporate tax returns. You must report pay and dividends as well as the statement of comprehensive income.
- The taxable profits of the limited company are subject to corporation tax, which involves filing a corporate tax return with HMRC by certain deadlines. It is important to comply with all filing requirements for limited companies.
Bootstrap Business Seminars: Making Sense of the NumbersCityStarters
This document summarizes a seminar on financial planning and management for startups. It discusses building financial forecasts, including developing sales forecasts and estimating costs. It explains key financial concepts like gross profit, break-even analysis, and cash flow. It emphasizes the importance of financial planning to ensure business viability and support fundraising. The document provides guidance on managing cash flow in startups, financial controls, making use of small investments, R&D tax credits, and setting up a limited company.
Cover Story - China's Investment Leader - Dr. Alyce SUmsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Starting a business is like embarking on an unpredictable adventure. It’s a journey filled with highs and lows, victories and defeats. But what if I told you that those setbacks and failures could be the very stepping stones that lead you to fortune? Let’s explore how resilience, adaptability, and strategic thinking can transform adversity into opportunity.
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FellowBuddy.com is an innovative platform that brings students together to share notes, exam papers, study guides, project reports and presentation for upcoming exams.
We connect Students who have an understanding of course material with Students who need help.
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Like Us - https://www.facebook.com/FellowBuddycom
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This document provides an agenda and overview of information from Companies House. It begins with welcoming attendees and introducing Companies House and what it does, including recording company life events and providing trusted information. It then discusses various company types, how to start and make changes to a company, trading disclosures, and director and secretary responsibilities. The document also summarizes Companies House's strategic review, filing annual returns and accounts, late filing penalties, and the dissolution process. It concludes with a discussion of intellectual property.
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2. Schedule of
webinar
We will provide advice, guidance, and support around these key areas:
Keeping records – what types of records you should keep, for how long, and what are the most
efficient and organised ways to store your documents
VAT – Revenue compliance requirements
Financial terminology – we’ll help you to understand key bookkeeping terms like bank reconciliation,
accounts payable and accounts receivable
Understanding financial data – the importance of having accurate data so you can make good
business decisions.
https://accountantonline.ie/events/
3. Bookkeeping
Basics
• Bookkeeping involves keeping track of your financial records, such as receipts,
expenses, invoices, and bank statements in your business.
• From a practical perspective it involves:
• Data entry
Reconciliations
Aged analysis & credit control
Reporting
• Good bookkeeping can help to grow your business. But what is good bookkeeping?
https://accountantonline.ie/events/
4. Bookkeeping Basics –
Common Pitfalls
• Not being up to date
• Mixing business & personal transactions
• Not taking advantage of technology
• Not knowing where to start
• Working hard not smart
https://accountantonline.ie/events /
5. Bookkeeping Basics -
Benefits
• Accurate financial information
• Up to date analysis of performance
• Assists with the production of annual accounts and tax returns
• Real time credit control
• Easier to plan
• Cash flow management
• Reliable and secure
https://accountantonline.ie/events
6. Bookkeeping vs Accounting
• Accounting is a bit more complicated than bookkeeping.
• Accountants may oversee your bookkeeping and make sure the records are maintained
correctly but they don’t usually carry out any data entry. Your accountant will prepare
technical accounting duties like preparing profit and loss accounts, balance sheets and
file your tax returns.
https://accountantonline.ie/events
7. Types of documents needed for
bookkeeping
• Sales and purchase invoices/receipts
• Bank and Visa statements
• Payslips and wage sheets
• Stock / ecommerce / Point Of Sale (POS) reports
• Verification records for assets such as property, machinery or vehicles
• Cash books and receipts
https://accountantonline.ie/events
8. Keeping Records
• In general, all books, records, and documents relevant to your business need to be kept
for six years.
• Businesses and individuals must keep a record of any paperwork used for calculating
taxes. This includes bank statements, invoices, and receipts received during the year,
• A complete business record should contain details explaining transactions, and having
the correct invoice/receipt for each transaction.
https://accountantonline.ie/events
9. Sales Invoices
• 1. ‘Invoice’
• 2. A unique invoice number
• 3. Your company name and address
• 4. The company name and address of the customer
• 5. A description of the goods/services
• 6. The date of supply
• 7. The date of the invoice
• 8. The amount of the individual goods or services to be paid
• 9. The total amount payable
• 10. Payment terms
• 11. Purchase order number
• 12. How to pay the invoice
10. Bank
Accounts
• If you recently started a business in
Ireland the next step is to set up a bank
account. There are a lot of different
banking options so you should be well-
informed before you make the decision.
• Some banks have lots of experience
helping start-ups and offer no bank fees
for the first year in business. Saving
money on your bank fees can be very
important for new businesses.
• Q: How much do you charge in fees?
• Q: Do you have specialised support for Startups?
• Q: What is the application process like?
• Q: Are there any restrictions?
• Q: Do you offer direct debit mandates?
• Q: Do you have a banking app?
https://accountantonline.ie/events
11. Bookkeeping Terminology
• Bank reconciliation
This is the process of comparing your sales and expenses against your bank account.
This ensures that the correct amounts are coming in and out. It’s used as a
verification check.
• Accounts payable
Any outstanding payments to your suppliers are categorised as your ‘accounts
payable’. If you have a supplier or vendor that you haven’t paid yet, they will need to
be organised and managed to ensure they are paid on time.
• Accounts receivable
This is the money that is owed to the business. This occurs when your business
provides goods or services, but payment is not due until a later stage. If you don’t
offer any goods or services on credit or you are a business to consumer (B2C)
business, you may not come across this term.
12. Automate Your Bookkeeping
• We recommend doing your bookkeeping online, which means moving away from
Excel, ledger books, Google Drive or Dropbox as a data management tool and using
cloud-based software that is specifically designed for managing small business
financials.
• Benefits of using an automated bookkeeping system:
Saves hours of admin time a week
Make better business decisions
Increase your cash flow visibility
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14. VAT - Basics
• VAT is a tax that is added on to the value of goods and services at every stage of
production or distribution. As a consumer, most of the goods or services that we
purchase have VAT included in the price.
• As a business owner, once you complete VAT registration in Ireland, you are obliged
to charge VAT on the products and services you sell. You also need to account for
VAT in your VAT returns and pay VAT liability to Revenue, usually ever two-months.
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15. VAT -
Registrations
• You don't need to register for VAT straight after incorporation, except in certain
circumstances
• In general, as a new business, you don’t need to register for VAT from the moment
your business is set up. There are certain criteria your business must meet before
you start charging VAT on your goods/services.
• It’s important to note that both Sole Traders and Limited Companies are eligible to
register for VAT and you should consult with an expert about registering for VAT
before you do so.
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16. VAT – Do I Need to Register?
• VAT registration is mandatory if you meet any of the following criteria:
• Selling over €37,500 for the sale of services or €75,000 for the sale of goods means
your company needs to register for VAT in Ireland. This is a sale threshold amount
over the course of 12 months (not calendar year)
• In receipt of goods from the other EU Member States over the value of €41,000,
also known as Intra-Community Acquisitions (ICA)
• In receipt of any services from outside of Ireland. If you receive services from
outside Ireland and the service is being used in Ireland, your business may need to
register for VAT.
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17. VAT – Can I Choose to Register?
• You can choose to voluntary register for VAT
• You may choose to register for VAT if you deal with a lot of other businesses that
charge VAT. The downside to this is that you need to file bi-monthly VAT returns to
Revenue. This could be a considerable extra cost for a small business.
• Some businesses choose to register for VAT because:
• You can claim back the VAT you have paid on your purchase if you are VAT
registered and have business expenses
• You can add VAT onto your products or services from the beginning instead of
having to change your prices or add VAT later on
18. VAT – How Do I Register?
• To receive a VAT number in Ireland, you need to fill in a tax registration form and
submit it to Revenue. During the VAT registration process, Revenue will want to
see evidence that you have trade with Ireland.
• Revenue decides whether to accept or reject your application based on the
evidence you submit.
• If Revenue rejects your application, it doesn’t mean you will never get a VAT
number. You may need to spend some time gathering the relevant documents and
you can re-submit your application at a later stage.
19. VAT – How Do I Register?
• You need proof you require a VAT number
• The business has trading activity in Ireland
• You have invoices from Irish suppliers and customers
• The business owner/Director lives here
• You have a physical office in Ireland, a Virtual Office will not be accepted
20. VAT – Barriers to Registration
Reasons why Revenue might reject your application
• You’re not hiring employees in Ireland
• No customers in Ireland
• You are not trading with any suppliers in Ireland
• The Directors are not based in Ireland
21. VAT - Rates
• “VAT rates” refer to the percentage of VAT you will charge on your product or service.
• The most commonly used VAT rates in Ireland
• 23% is the standard rate of VAT. All goods and services that do not fall into the reduced rate categories are
charged at this rate.
• 13.5% is the reduced rate of VAT. This rate covers tourism-related activities including restaurants, hotels,
cinemas, and hairdressing. Building services and photography also fit into the bracket for this rate.
• 9% is a special rate for newspapers and sporting facilities. This also includes e-books and electronically
supplied newspapers.
• 4.8% is the livestock rate of VAT – specifically for agriculture. It applies to livestock (excluding chickens),
greyhounds, and the hire of horses.
• 0% (Zero) VAT on all exports, tea, coffee, milk, bread, books, children’s clothes and children’s shoes, oral
medicine for humans and animals. Please note, providers charge a 0% VAT rate and are entitled to claim
VAT on their purchases.
• Exempt: There is no VAT on certain financial, medical, or educational providers.
22. VAT – How to charge VAT
correctly
• Selling goods to private consumers (B2C) in Ireland :
VAT is usually charged on top of your usual sale price when you are selling to private
consumers in Ireland. Your customer pays the VAT over to you and you are responsible
for reporting and paying this VAT to Revenue.
• Selling goods to other businesses (B2B) in Ireland and other EU countries:
If you sell goods to other businesses in Ireland, you must charge VAT and account for it
in your VAT Return to Revenue. All the VAT you charge must be paid to Revenue in a
VAT Return – usually every two months (bi-monthly).
23. VAT – Place of Supply Rules
• VAT on services: place of supply
• When your business sells services, there are “place of supply” rules that apply. There
are two general “place of supply” rules depending on whether the recipient is a
business or a private consumer.
• For supplies of business to consumer services (B2C), the place of supply is (generally)
the place where the supplier is established.
• For supplies of business to business services (B2B), the place of supply is (generally)
the place where the business receiving the services is established.
24. VAT – What are VAT Returns?
• A VAT return outlines the invoices that you have charged VAT on and the invoices that you have claimed
VAT on for a given time period.
• When you are VAT registered, you must file your VAT3 returns by the 19th day of the month following the
end of each taxable period or by the 23rd day of the month if you file via ROS (Revenue Online Service).
• The taxable period is a two-month period (bi-monthly) that starts on the first day of January.
• For example, the return for VAT period 1 (1st January – 28th February) must be filed on the 19th of March
or by the 23rd of March if filed online using ROS.
• If you do not file your VAT returns or under-declare your VAT, you can incur fines and penalties.
25. VAT – What is Reverse Charge?
• The aim of the reverse charge is to have VAT applied in the Member State of
consumption (i.e. where the customer is based) rather than the Member State of the
supplier. It only applies to B2B transactions.
• The reverse charge means that the responsibility to report the VAT to the tax
authorities falls to the customer, and their domestic rate of VAT applies. The VAT is
reported in the customer’s local VAT return and does not appear in the supplier’s VAT
return.
26. Understanding Financial
Data
• The financial position of a business is crucial to all decisions that it makes. Using
financial information, a business should be able to identify what options it can
afford when making decisions. This financial data can be used to forecast how
decisions might affect the business’ cash flow and assess any impact on future
profits.
27. Understanding Financial Data
– What do I need to
have/know
• Some common financial reports:
Budgets
Income Statement/Profit and Loss A/C
Balance Sheet
Cash Flow
Debtors/Creditors
28. Financial Data – Why is it
important?
• Influences decisions
• Helps to assess company performance and health
• Aids compliance and reporting
• Can help to raise finance