Common Bookkeeping Mistakes That Weigh Down On Business Profits

Bookkeeping serves as a foundation for sound financial decision making and planning and therefore it is essential that financial records are kept up-to-date. Some businesses procrastinate the mundane process of maintaining financial records because it involves a lot of time and effort. When this happens, it is better to find a bookkeeper so that you can get more time to concentrate on core business activities. Some common bookkeeping mistakes that can be avoided by paying more attention are as follows:

Inaccurate Record Keeping

Business managers can lose important receipts or ignore small expenses that seem insignificant to them and this … Read more at 2009 Tax.

Tips For Small Business Owners

For many sole traders or small businesses it can be difficult to find the time to maintain all paperwork on a regular basis, meaning a large amount of admin is left until it is absolutely necessary to sort out.

If this sounds like you, then you will need to make some changes to the way you work because the Inland Revenue  is set to investigate two million small businesses – slapping many with big fines if records have not been kept in order. Here are 5 tips to help your business in 2012…

1) Get organised, get in a routine Read more at 2009 Tax.

Dealing with Social Security Uncertainty

Recent reports published in Daily Finance suggest that the Social Security trust fund is going to begin its collapse around the year 2036. This means that you have about 24 years to adjust your planning and savings to compensate for this problem. This really is adequate time for most people to figure out how to make up the difference between what Social Security promises and what it will be able to deliver.

Tip #1 – Understand the Predictions

Before you panic you need to understand what the predictions about the Social Security trust fund are and how they will impact … Read more at 2009 Tax.

Riots Put Strain On The Finances of UK Cities

August was a time of civil unrest in cities including Manchester, Salford, Liverpool, Nottingham and Birmingham, with shops being looted and set ablaze. Victims of the riots sadly face a tough financial crisis as they try to restore the damage to their businesses and properties while at the same time trying to recover loss of earnings and stock.

The Head of Media at British Retail Consortium had expressed concern that all the damages to shops and homes caused by the rioting and looting could hit the £1 million mark. It’s feared that many will no longer want to trade again … Read more at 2009 Tax.

Dealing with Tax Debt

Handling tax debt is different from how you handle other debts, but you need not worry because for sure you will be able to work a good plan that will reduce your balances. Here are several ways that you can start drafting out a plan:

Check your tax return documents for any corrections

The first thing that you have to do is to collect all your documents of tax return and check if all the entries are correct and that you were not overcharged for something. Nevertheless, if you do not have any idea about this type of things you … Read more at 2009 Tax.