025

SERVICES

ABOUT US

USEFUL INFO

Home  l  Services  l  Rates  l  V&V  l  CC Club  l  Glossary  l  About us  l  Contact us

All rights reserved

025

Certified Accountants & Bookkeepers

025 Picture1

CHAMBERS BOOKKEEPING

Simplicity en es mejor

025

T: 0113 - 217 7224

025 Bookkeeping Accountancy Payroll Tax Returns Tax Advice Vat returns Self Assessment Year End Accounts Rates CC Club Terms Contact FAQs Glossary Testimonials Facebook square blue small Mail black small 080128_full_umbel

 

 

 

  • Sales Ledger Management

 

  • Purchase Ledger Management

 

  • Bank Reconciliation

 

  • Nominal Ledger/ Cash Book Management

 

  • VAT Returns

 

  • Monthly Profit & Loss and Balance Sheet Statements

 

  • Breakeven Sales analysis

 

  • Year Ended Accounts (excluding limited companies)

 Bookkeeping

 

 

 

  • Employee Payslips

 

  • P11D processing for taxable benefits

 

  • Processing employees joining and leaving forms (P45 and P46)

 

  • SSP, SMP, SPP, Student Loans and Attachment of earnings

 

  • Year End P35 and P14/60  work

 

  •  Online Filing

Payroll

 

 

 

  • Self Employed (Sole traders, LTD, Directors and Partnerships)

 

  • Income from land and property

 

  • Capital Gains Tax

 

  • Online Filing

Tax Returns

miscellaneous 10

Accounting/Bookkeeping Terms Made Easy

Cost Effective

Accounts & Tax Return Solutions

Business Account Solutions

Safe guard your business

Late filing protection guaranteed

 Financial Solutions  

GLOSSARY

Most accounting terms that we use can be rather daunting and difficult to understand. We have compiled a list of frequently used terms and definitions below.

 

We hope that the following list of definitions is useful to you. It is by no means a definitive list and will probably grow during the history of our site.

 

Most of the terms require far longer statements to explain them fully but we have tried to make them as simple as possible.

Overview

Accounts Definition List

Bank Reconciliation - To compare the bank balance as recorded by the business with that bank statement and explain or correct any differences.

 

Capital Allowance - Effectively depreciation but rules provided by HMRC on how this should be calculated for the purpose of tax returns.

 

Credit Note - Issued by the supplier in the instance of some or all of the goods either failing to be delivered or returned due to being faulty.

 

Creditors - Parties owed money by a business.

 

Debtors - Parties who owe money to the business.

 

Depreciation - Shows a reduction in the value of a fixed asset. Shown as an expense to the business and various methods are used.

 

Double Entry - Method of bookkeeping believed to have been introduced in the 15th Century,

Every transaction affects two account balances and involves two entries (a debit and a credit).

Liquidity Ratio

Liquid Ratio indicates the company's ability to pay its short term debts, by measuring the relationship between current and the short-term debt value.

Acid Test

A stern measure of a company's ability to pay its short term debts, in that stock is excluded from asset value.

Cash Flow

The movement of cash in and out of a business from day-to-day direct trading and other non-trading or indirect effects, such as capital expenditure, tax and dividend payments.

Dividend

A dividend is a payment made per share, to a company's shareholders by a company, based on the profits of the year.

Gross profit

Sales less cost of goods or services sold. Also referred to as gross profit margin, or gross profit, and often abbreviated to simply 'margin'. See also 'net profit'.

CFS