Accounting and Payroll for UK Small Businesses: A Comprehensive Guide
Master essential accounting and payroll practices tailored for UK small businesses, ensuring financial compliance and informed decision-making.
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Accounting Fundamentals for UK Small Businesses
Unit 1: Introduction to UK Accounting
Accounting in the UK
GAAP in the UK
Legal Requirements
Business Structures
Accounting Software
Unit 2: Setting Up Your Chart of Accounts
Chart of Accounts Defined
Assets Explained
Liabilities Explained
Equity Explained
Income & Expense Accounts
Unit 3: Double-Entry Bookkeeping
The Double-Entry System
The Accounting Equation
Recording Transactions
More Transactions
Trial Balance
VAT and Bank Reconciliation
Unit 1: VAT Fundamentals
What is VAT?
VAT Registration: The Basics
Choosing VAT Schemes
VAT Invoices: What to Include
Digital Record Keeping
Unit 2: Calculating and Reclaiming VAT
Calculating Output VAT
Input VAT: What You Can Claim
Partial Exemption
VAT on Imports & Exports
Common VAT Errors
Unit 3: VAT Returns and Compliance
Preparing VAT Returns
Submitting VAT Returns
VAT Inspections
Corrections and Adjustments
VAT Record Keeping
Unit 4: Bank Reconciliation
Why Reconcile?
Gathering Your Documents
Matching Transactions
Adjustments and Errors
Finalizing Reconciliation
UK Payroll Management
Unit 1: Payroll Fundamentals
Intro to UK Payroll
Understanding Gross Pay
National Insurance (NI)
Income Tax (PAYE)
Other Deductions
Unit 2: Payroll Processing and HMRC Compliance
Calculating Net Pay
Payslips: A Deep Dive
Real Time Info (RTI)
Payroll Record Keeping
Year-End Procedures
Unit 3: Self Assessment for Sole Traders and Partners
Self Assessment Intro
Registering for SA
Income and Expenses
Filing the Tax Return
Paying Your Tax Bill
Accounting Software and Financial Statement Analysis
Unit 1: Introduction to Accounting Software
Why Use Accounting Software?
Popular Software Options
Setting Up Your Software
Navigating the Interface
Connecting Bank Feeds
Unit 2: Managing Finances with Accounting Software
Creating Invoices
Recording Expenses
Managing Bills
Reconciling Accounts
VAT Management
Unit 3: Payroll Management with Accounting Software
Setting Up Payroll
Processing Payroll
RTI Submissions
Payroll Reports
Auto-Enrolment Pensions
Unit 4: Financial Statement Analysis
Profit & Loss Basics
Balance Sheet Basics
Generating Statements
Ratio Analysis
Trend Analysis