Expenses

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Expenses

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Understanding Types of Costs for Planning

Costs, or expenses, are a necessity to a businessâ€™ development. Expenses must be wholly and exclusively for business purposes for them to be fully deductible against business income for tax relief purposes. For most businesses, the basics of what a cost entails is sufficient information. Managers and planners in large organisations, however, are the ones who would want to know the types of expenses and categories of decisions they face for projects. Knowing what costs fall under which category can help decision-makers review alternative courses of action and make decisions that benefit the company.

Business Premises Expenses

The cost to own and run a separate building premises for a business come with their own sets of costs against the business. These expenses can be claimed against the business profits; this article is a list of the types of premises expenses that include one to two that some people forget about.

What is a Receipt Scanner

With the introduction of Making Tax Digital (MTD) for VAT returns there is a larger emphasis on using computers and technology to store and share information online. Programs that can do this are commonly referred to as â€˜cloud accounting softwareâ€™, and these are the intended platforms for making MTD possible. There are a multitude of software out there so it is ideal to make use of the free trials rather than commit to the first one found.

Cash Basis vs Accruals Basis

When you speak to someone in business such as bank manager or an accountant, or when signing up for services with HMRC, you may come across the terms cash accounting basis or accruals basis. Understanding what these terms means is crucial, and the answer will tie in with your bookkeeping.