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Unallocated Payments

If you have added a payment without linking it to an expense or an invoice, this is classed as an unallocated payment. You should allocate all your payments to ensure your accounting records are accurate.

P45 / P46

When you stop working for an employer, they will give you a P45. A P45 is a record of how much they paid you in that tax year, and how much tax was deducted. Your P45 will look like this If, for whatever reason, you don't have a P45, you may have to complete a P46 form. The information you prov...

Trial Balance

A Trial Balance is a list of ledger balances, in debits and credits, within your yearly general ledger. You can use the trial balance to ensure that your company's books do indeed balance, i.e., the sum of the credits is equal to the sum of the debits.

Taxable Turnover

The total value, excluding VAT, of the taxable supplies you make in the UK. This excludes capital items like buildings, equipment, vehicles or exempt supplies.

Taxable Supplies

All goods and services you sell or otherwise supply which are liable to VAT at the standard, reduced or zero rate - whether you are registered for VAT or not.

Tax Point

The time when a VAT liability arises. For goods, this is usually when you send the goods to a customer or when they take them away. For services, this is usually when the service is performed.

Tax Period

The period of time covered by your VAT return, usually this is quarterly.

Tangible Assets

Those assets that you can touch, such as property, equipment and cars.

Supplier Reference

A handy way to remember your supplier or any important details about them. This reference is for your own use only.

Statutory Sick Pay

What is Statutory Sick Pay and who is entitled? Any employee who is struck down by illness for four or more consecutive days may be entitled for up to 28 weeks of replacement salary at £85.85 per week (£86.70 2013/14) providing they meet certain requirements. For any illness that prevents your...

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