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Child Benefit

For anyone responsible for a child under the age of 16, or 20 if in full time education, they may be able to claim Child Benefit income. Only one person is eligible to claim Child Benefit for any one child, and if they’re earning in excess of £50,000 annually they will encounter a tax charge. ...

Corporation Tax

A tax levied on the taxable profits of a company. Corporation Tax must be paid within 9 months of the end of your company's accounting period. We will let you know exactly how much you owe, how to pay and when you need to pay by.

Cost of Sales

This accounts for any purchases made in order for a sale to have happened, such as an item that is resold. So, for a restaurant this would be food and drink, or for a computer repair shop this would be computer parts. To record this expense type in the Crunch app navigate to the "New Expense" scree...

Credit Note

A credit note is a document sent to a buyer from a seller stating that an amount has been credited to the buyer's account. Credit notes are usually used to correct mistakes on invoices or to document the fact that a refund has been given.

Creditor

A person or other company that is owed money.

Current Assets

These are assets that are short-term in nature. Includes cash, bank balances, and assets that you expect to convert into money within a year’s time, such as amounts owed by customers, and trading stock.

Current Liabilities

Amounts owed to other people, which have to be paid within one year.

Debtor

A person or other company that owes you money.

Depreciation

The decrease in the value of a tangible asset (such as a computer) over time.

Director's Salary

As a taxpayer you have a personal allowance. This is money you can earn each year without paying any tax. In the current tax year the personal tax-free allowance and the National Insurance free allowance differ. The most tax efficient salary to take is anything up to the National Insurance f...

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