By Peter Taylor
Debts are only as very important as the other element of a enterprise, and will be an important to its prosperity or even survival. In "doing the books" you can be on the very middle of the enterprise, along with your arms at the controls. you'll be concerned about the administration of its resources and liabilities, its charges and its revenue margins. The extra regulate you've gotten over those, and the documents and figurework on which they're established, the higher it is possible for you to to manage your personal company.
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Not exempt from VAT) then the total value of these supplies is called your taxable turnover. Note: supplies exempt from VAT, or outside its scope, do not form part of the taxable turnover, but supplies that are charged at a zero rate are included. If at the end of any month: (a) the value of your taxable turnover during the past 12 months has exceeded £61,000, OR (b) you have reasonable grounds for believing that the value of the taxable supplies you will make in the next 30 days will exceed £61,000 then you must register your business for VAT purposes.
These are special schemes available for use only in connection with retail supplies. The retail schemes provide a method of arriving at the value of your taxable retail sales and allow you to determine the proportion of those sales charged at the different rates of VAT. Most VAT registered businesses take these details from the sales invoices that they issue to their customers but for retailers this is not practical due to the large number of sales made direct to the public. All the retail schemes require you to record the value of your retail sales.
06 CASH PAID Date Detail 200X 3 May Cash to Bank 5 May Cash to Bank 6 May Wages - Jenna 6 May Wages - Alex 6 May Window Cleaner 6 May Coffee A Milk 6 May Drawings 6 May Cash to Bank 9 May Cash to Bank 11 May Cash to Bank 11 May Stationery 11 May Stamps 13 May Wages - Jenna 13 May Wages - Alex 13 May Window Cleaner 13 May Cash to Bank Fig. 5. A cash transaction record. 71 38 Book-keeping & Accoucting for the small Business Record the expenses as they are incurred. File the invoices for cash payments on a separate file from bank payments.