Managing your money
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Hi, I know that I can add working from home hours to my profile, and that will automatically add appropriate 'Home Office Expenses' to my tax summary. However, I actually make such a payment to my household joint account from my business account and would like this method to work. But these payments, even though marked as 'Home Office Expenses' are marked as 'disallowed' in the tax summary. I don't understand why this is not allowed? Is there a way to make this work? thanksMark
August turned out to be the first month that we've operated at a loss (bar the times that I've used our Government Grant to pay for big things that I wouldn't otherwise have been able to afford). I'm trying to make sense of it using the QuickBooks Budget Planner to see just how bad it was and what I need to keep an eye on to prevent it happening ongoing.One thing that's come to my attention is the way that I've been recording payroll expenses. When I pay my staff I do indeed record transactions a payroll expenses, but the proportion of their pay that I send to HMRC for tax & NI contributions are recorded as tax & NI current liabilities and ditto, the proportion of their pay that I send to NEST for pension contributions are recorded as pension payable current liabilities. Due to this, they are not showing up in my budget vs actuals so it's looking like I've made an under budget saving when in fact I haven't.Would it be reasonable to reallocat
I'm trying to pay my employees I've gone to the payroll page next payroll dated 1 apr-30apr then it comes up with the warning All payrolls for the tax year are done ! it won't let me go forward to pay my employees
Hi, We generally have a 5 figure sum sat in our bank 'savings' account, which earns a small amount of interest. That interest has just reduced to a tiny dribble, at the same time as our connection being 'upgraded' to Open Banking, and this savings account not being compatible to QBO for automatic import (CSV files remind me of the 1980's). I'm therefore looking for a QBO compatible business savings account that pays more than 0.01% interest... Any suggestions? Thank you. Martin.
Am I the only one shocked at just having been given a 71% price increase in my Online account?Maybe Intuit think Brexit will be so good for us in the UK we can afford it?None of the updates are of any use to me and the product is certainly not good enough to merit an increase of that size.Yes they'll respond and say something slimy like "you can evaluate yourself what you want" or "move to another supplier".Very helpful since they don't make it easy to move away or back to the more useful desktop version.Not impressed!
How do i categorise payment received from my clients then paid to the suppliers for the work completed at their properties, this also includes payment of Labour. Thanks in advance for your help
I was paying£38pm for desktop version, changed over to online version, got it half price ie £9pm for 6 months, then i was told it would be after the trial offer it would cost me £18pm cheaper than desktop version i thought great, but im noticed that there is a payment of £46.80 being taking from my account for quickbooks online, there a few elements i don,t use ie payroll, anybody think they are being over charge seems strange Peter
Does anybody know how to get QuickBooks to account for the different Scottish Tax rates? I'm a business owner in Scotland so my tax rates are different from the rest of the UK but I can't see anyway of QuickBooks being able to solve this issue.
Does your accountant often use words that you never know the meanings of? Then this is the guide for you! Accounting terminology can be complicated and daunting to many sole traders, partnerships and small business owners especially if you are new to the business world. There are often so many other aspects of running a business that take time to learn. Taking the time to learn a whole other language is the least of your worries so let this Jargon Buster help you out. BALANCE SHEET TERMINOLOGY Here are a few terms you’ll want to know when working with balance sheets: Balance sheet: The financial statement that presents a snapshot of the company’s financial position as of a particular date in time. It’s called a balance sheet because the things owned by the company (assets) must equal the claims against those assets (liabilities and equity). Assets: All the things a company owns in order to successfully run its business, such
Out of the box thinking, long-term goals and increased business awareness. What role does long-term strategy play in your daily decision-making process? Comment below!
Ever had a moment when you needed cash right away? So much so that you headed to your couch to see what might be hiding in the cushions? Yeah, we've done that, too. But here’s some good news. We’ve learned there's always a way to manage expenses better and, as a result, find extra cash when it's needed most. Over time, we’ve figured out how to ditch expenses we can live without. We’ve scrutinized where every penny and pound is going. We’ve cashed in on money hiding out in long-lost invoices. And that’s just the beginning. Today, we’re sharing some of our go-to strategies for managing expenses and making the most of our moolah. Best of all? There’s no couch reassembly required. Hack #1: Cut one expense right now (even pens count!) When cash gets tight, pull out your chopping block. We guarantee some of your precious pennies are hiding in sneaky places like high credit card interest rates, rent increases and unnecessa
Would you employ new people to join your business? Would you develop a new product or would you use the money for marketing tools? Be creative! How would you spend the money and invest in your business? Comment your ideas below!
The most successful business owners have a crystal clear picture of where they want to be in three years and what they need to do today to get there. They also have a target "number" to track their progress. Do you have your target "number" ? Maybe not. A target number is one of those things that you keep thinking about doing right after you finish binge-watching season two of The Crown. For us to be able to have a conversation here about small business success, we need a basic understanding of the one number that rules them all: After Tax Income. After Tax Income is the cold hard cash you can spend, save, invest or donate. It's the number that tells us if this crazy decision to run our own business is worth it. While it's easy to look at total revenue, that's only part of the picture. At some point, all the benefits of working for yourself need to outweigh what you get working for someone else.
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When it comes to making smart decisions about money, Dawn Fotopulos is one of our all-time favourite people to turn to for answers. Dawn, is one of the most popular speakers at QuickBooks Connect. Why? Because she’s incredibly smart, supportive, funny and direct. Most of all, she’s deeply passionate about helping small businesses succeed. No surprise, then, that we turn to Dawn for straight talking on money matters. We’ve asked her to help us understand how to track our cash better—and keep it flowing. Count every pound An overwhelming number of small businesses only have enough cash on hand to operate for 30 days. With this dark cloud looming over the heads of so many entrepreneurs, no wonder most of us put getting our finances in order on the to-do list somewhere between taking out the bins and seeing the dentist. Instead of dreading—or worse, completely avoiding—getting financial clarity, Dawn says those of us who work for ourselves should st
How is QBSE handling the 20% pass through deduction for 2018? I am new to QB/QBSE so a direct answer is so appreciated! Thank you
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