How Do I Show Depreciating Assets in My Accounts?

Every time you purchase an asset, you’re investing in the future of your business, but the value of equipment and assets tends to reduce over time – a process known as depreciation. It’s important you calculate and track this depreciation accurately. There are many benefits to this, a major one being that it will help…

Bookkeeping for Your Side Hustle

With the cost-of-living soaring, many of us are looking to make a bit of extra cash in our spare time. After all, there’s more opportunity to earn money online than ever. But before you jump in, it’s worth doing your homework, especially around bookkeeping and tax. We’ve put this article together to get you started…

Top Bookkeeping Terms Explained

When you’ve spent a chunk of your working life employed, things like bookkeeping and accounting never usually come up – out of sight out of mind, as they say. It’s a safety net we often take for granted until we’re newly self-employed and the responsibility of managing our taxes (along with all the jargon that…

Bookkeeping for Contractors

Deciding to become a self-employed contractor is a huge step in your career, especially if you’re moving away from the relative comfort of employment. You might feel a bit nervous, but this is such an exciting time with the freedom to set your own hours, focus on projects you feel passionate about, or even decline…

Recording Benefits in Kind in Your Bookkeeping

Recording Benefits in Kind in Your Bookkeeping

Some employers provide perks or benefits to employees and directors which aren’t part of their salary, but add value to the ‘package’ they receive. These extra perks are also referred to as benefits in kind, and can include things like:   Company cars used for private trips Gym membership Assets bought by the company that…