J Jervis Accounting

 When it comes to accounting and bookkeeping for a small business, there are two major types of accounts used: management accounts or financial accounts. The two account types share many similarities but are distinct too. The management accounts generally include: Payroll for the payroll department, accounts payable, accounts receivable, and taxes. The other type of accounts includes: Corporate tax returns, income tax returns, quarterly statements of earnings, and monthly statements of account. The accounting for a small business will cover the day-to-day financial activities of that business. The financial accounts usually include: Payroll for the payroll department, accounts payable, accounts receivable, and taxes. The other type of accounts includes: Corporate tax returns, income tax returns, quarterly statements of earnings, and monthly statements of account. The accounting for a small business will also cover the financing aspects of that business such as: Loans, leases, purch...

Keeping on top of your taxes is one of the most important aspects of running a business, but for the self-employed, taxes often fall to the bottom of the to-do list when there are so many other things that need to be done. For many people doing their tax returns, their biggest worry is making a mistake when calculating how much they need to pay and end up getting a fine later down the line. However, what people don’t consider is whether they’re paying too much tax, which in some respects is an easier mistake to make. We spoke to Jason Jervis of J. Jervis Accounting, a firm that specializes in dealing with tradesmen, to understand how people end up paying too much and what they can do about it. Are you paying too much? “Many contractors use the Contractor’s Industrial Scheme (CIS)”, explains Jason Jervis of J. Jervis Accounting. “This means that they deduct 20% off what they pay to subcontractors—like carpenters, tilers, and electricians—and give it to HMRC on their behalf.” “Although t...