Accounting Blog

Learn how to record foreign-currency income accurately without overstating revenue or missing FX gains and losses. This practical guide explains exchange rate policies, cash vs accrual accounting, handling fees, conversions, refunds, and year-end revaluations, with clear examples for freelancers, small businesses, and online sellers across common real-world payment scenarios globally.

Can you claim expenses for business market stalls or fairs? This practical guide explains which costs are deductible, including stall fees, travel, accommodation, equipment, and marketing. Learn how to handle grey areas, keep strong records, avoid common mistakes, and make defensible tax claims when trading at markets.

Preparing for your first VAT return as a UK sole trader doesn’t have to be overwhelming. This practical guide explains VAT schemes, deadlines, bookkeeping, common mistakes, and Making Tax Digital requirements, helping you organise records, avoid costly errors, and submit your first return confidently, on time, and with less stress.

When HMRC disputes a sole trader’s tax calculations, it doesn’t automatically mean wrongdoing. This guide explains why disputes arise, how to respond calmly, gather evidence, meet deadlines, reduce penalties, and protect your position. Learn practical steps to resolve enquiries, checks, or assessments efficiently and with confidence for UK self-employed taxpayers.

This guide explains how to claim business expenses for shared vehicles, from family cars to car clubs. Learn when mileage or actual costs apply, how to apportion business and private use, what records to keep, and common pitfalls that can lead to denied or reduced claims.

Below the VAT threshold? Bookkeeping still matters. Learn which records small businesses must keep, how to organise sales, expenses, and bank transactions, and the habits that prevent tax problems. Clear bookkeeping improves cash flow, supports tax returns, tracks VAT threshold risk, and protects sole traders and small companies.

Learn what a stock write-off really means, why inventory becomes unsellable, and how to handle write-offs, write-downs, and recoveries correctly. This guide explains documentation, accounting treatment, tax considerations, and operational best practices to keep inventory records accurate, audits defensible, and future losses under control for growing product-based businesses today clearly.

Learn what a stock write-off really means, why inventory becomes damaged or unsellable, and how to handle write-offs, write-downs, and recoveries correctly. This guide explains accounting treatment, documentation, tax considerations, and practical workflows to keep inventory records accurate, compliant, and operational decisions grounded in reality for growing product-based businesses today.

A stock write-off removes damaged, expired, obsolete, or unsellable inventory from your books to keep financial statements accurate. This guide explains write-offs versus write-downs, common causes of unsellable stock, documentation best practices, accounting treatment, and operational strategies to reduce future inventory losses.