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Uk Self Employed Accounting Software And Self Assessment Tax Returns
By Terry Cartwright
In the UK anyone receiving earned income which is not taxed under the employers PAYE system is technically self employed. Anyone who is self employed and running a business in the UK must register that business with HM Revenue and Customs within 3 months of starting that self employed business and failure to do so can lead to penalty fines.
All self employed businesses must keep records of the financial transactions and submit these accounts annually to HM Revenue and Customs in the format of the self assessment tax return which are supplementary pages included in the self employed annual tax return.
Different standards for accounting by self employed business are applicable compared to the accounting requirements of a limited liability company and consequently much simpler Accounting Software can be applied. Accounting Software for a limited company invariably requires a double entry system of accounting that produces not just a profit and loss account but also a balance sheet. The Accounting Software has to deal with business bank accounts, debtors and creditors and produce reconcilable results.
While advisable for self employed businesses to maintain a separate bank account it is not an essential requirement. The Accounting Software used by anyone self employed should keep accurate records of fixed assets although it is not essential that this Accounting Software also produces a balance sheet. With these factors in mind Accounting Software for the self employed can be much simpler and greatly advantageous if that Accounting Software also produces the numerous and sometimes onerous burden of HM Revenue and Customs tax returns and working papers.
Self Employed Accounting Software Requirements
Accounting Software for anyone Self Employed does not have to be double entry. The Accounting Software can be a single entry system which makes the value of using Accounting Software based upon excel spreadsheets feasible and due to the simplicity highly desirable. Such Accounting Software being excel based is fast and easy to use, utilising all the benefits and advantages excel offers. Accounting Software that is also highly visible at the click of a button. Accounting Software on a database hides the financial transactions that the Accounting Software has to query to retrieve the required
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Mylan to market generic Plavix<img src='http://assets.bizjournals.com/pittsburgh/news/Mylan-Inc.-HQ-Canonsburg-1*100.jpg?v=1'>Mylan Inc. said Thursday it received final approval for the generic version of the heart medication Plavix, including 180 days of exclusivity for the 300mg version of the medicine.
Mylan Pharmaceuticals, a unit of Southpointe-based Mylan Inc. (Nasdaq: MYL) received approval for Clopidogrel Tablets USP, 75 mg and 300 mg. It's the generic version of Sanofi-Aventis' Plavix for acute coronary syndrome and had annual sales of $6.7 billion, according to IMS Health.
Mylan Pharmaceuticals will have the...<div class="feedflare">
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</div>Steeper losses for Dow, NasdaqWall Street fell Thursday in one of its deepest drops in a dismal month as investor concerns over Greece escalated.
The Dow Jones Industrial Average plunged 156.06 points, or 1.24 percent, to 12,442.49 by the end of trading. Nasdaq plummeted 60.35 points, or 2.1 percent, to 2,813.69.
PPG Industries Inc. (NYSE:PPG), which passed the $100 per share threshold last month for the first time in history and stayed above it for weeks, couldn?t manage to remain aloft, falling 2.86 percent, or $2.91, to...<div class="feedflare">
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</div>Cranberry Township project gets $2M loanA three-story office building planned for Cranberry Township will get a $1.9 million loan from the Commonwealth Financial Authority.
The 90,000-square-foot building is being built near the Cranberry Commons Shopping Center and the Westinghouse Electric Co. The funding was given to Development Capital Investors on behalf of Cranberry Crossroads LP, the Pennsylvania Department of Community and Economic Development said Thursday afternoon.
There is the potential for 300 jobs at the site, the department...<div class="feedflare">
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</div>Pennsylvania's unemployment rate falls in April<img src='http://assets.bizjournals.com/sacramento/blog/numbers/2010/05/12-18-help-wantedcrop*100.jpg?v=1'>Pennsylvania's unemployment rate fell one-tenth of a percentage point in April.
The Pennsylvania Department of Labor & Industry said Thursday the state's unemployment rate was 7.4 percent in April. That's down five-tenths of a percentage point from a year ago and below the nationwide rate of 8.1 percent.
There were 6,000 fewer unemployed people in Pennsylvania in April and 27,000 more with jobs during the month. Service jobs are at a record 4.89 million in April, with leisure and hospitality jobs...<div class="feedflare">
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</div>People & Awards: Companies<img src='http://assets.bizjournals.com/pittsburgh/news/People&Awards-Sel2*100.jpg?v=1'>Banking & Finance
Commercial Bank & Trust of PA, wholly-owned banking subsidiary of Commercial National Financial Corp., was ranked No. 1 in Pennsylvania and No. 16 nationwide in the 2011 S&B Top 15th Percentile of Community Banks based on the Seifried & Brew Total Risk/Return Composite Ranking Report.
Manufacturing
Alcoa was the top performer in the Basic Materials category and No. 2 in the overall ranking of 360 U.S. companies in the Maplecroft Climate Innovation Indexes Leaders Indexes...<div class="feedflare">
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</div>Marcellus, Utica wastewater facility to open<img src='http://assets.bizjournals.com/pittsburgh/Energy-Inc-Print-Bug-*100.jpg?v=1'>Eureka Resources LLC said Thursday that it will open a treatment facility in Bradford County to treat wastewater from the Marcellus and Utica shales.
Eureka already has a treatment plant in Williamsport in the northeastern section of Pennsylvania. The Bradford County facility will be open 24 hours a day, 7 days a week and will treat up to 10,000 barrels of drilling muds and flow back water beginning at the end of the year. The water will then go to reuse, stored or sent to the Williamsport facility.
A...<div class="feedflare">
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</div>Atlas Resource Partners in Barnett deal<img src='http://assets.bizjournals.com/pittsburgh/Energy-Inc-Print-Bug-*100.jpg?v=1'>Atlas Resource Partners LP said Thursday it will acquire assets in the Barnett Shale from Titan Operating LLC.
The 250 billion cubic feet equivalent of proved reserves in the Texas natural gas play will cost Atlas Resource Partners $184 million in stock and close by July. Included are 43 wells and 16,000 net acres, 84 percent natural gas.
This is Atlas Resource Partners' second acquisition in the Barnett Shale in two months, the company said.<div class="feedflare">
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</div>Home sales up 11 percent in Pittsburgh region<img src='http://assets.bizjournals.com/milwaukee/HomeSales_315x315*100.jpg?v=1'>Pittsburgh's housing market continued strong with an 11 percent increase in sales in April.
Data from real estate analysis firm RealSTATs released Thursday found that there were 1,919 homes sold in the five-county region during April compared to 1,734 a year ago. That included increases in each of the five counties, including a dramatic increase from 231 in Westmoreland in April 2011 to 322 in April 2012. April sales are down 15 percent from April 2010 at the height of the homebuyer tax-credit program.
It's...<div class="feedflare">
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</div>One Young World registration tops 1,000<img src='http://assets.bizjournals.com/pittsburgh/OneYoungWorld-B*100.jpg?v=1'>One Young World, the big youth summit that will be held in Pittsburgh this October, has already signed up more than 1,000 youth from all over the world to attend.
The goal is to have 1,500 and more than three dozen well-known counselors who will attend One Young World from Oct. 18 to 22 and discuss issues from the environment to education and health and business development. The first two One Young World summits were held in London in 2010 and Zurich in 2011. A large Pittsburgh delegation attended...<div class="feedflare">
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</div>Industrial hose company sets up in CheswickAnother new company is set to move into the 500,000-plus square foot former Bay Valley Foods facility in Cheswick.
Hose Power, Inc., an Orange Park, FL-based hydraulic and industrial hose distributor, has committed to taking a 40,000 square foot lease in the building. The company will take the remaining portion of the building left available by Hostess Brands, Inc., which recently leased about 60,000 square feet in the building.
Mike Morris, the northeast regional sales manager for the company,...<div class="feedflare">
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information. It is this element of an Accounting Software database that often requires some technical accounting knowledge to operate efficiently. Accounting Software written on excel spreadsheets is, due to its visibility, much easier to use and understand and requires little or no accounting experience. Accounting Software written on excel spreadsheets makes an ideal solution for the self employed businessman. Good financial records are the key to the success of any self employed business and especially to the value of Accounting Software. A quality Accounting Software package is an essential component of your business to identify potential problem areas and capitalise on success to drive the business forward. Accounting Software and HM Revenue and Customs Returns Different types of Accounting Software are available for the Self Employed and some of this software has been specifically designed to cater for the precise size and requirements of the self employed business. There are basic Accounting Software packages available for the self employed business that is not vat registered and have no employees. Standard Accounting Software packages for the self employed business that is vat registered. The vat threshold limit at which businesses are liable for vat is £61,000 up to April 2007 and subject to possible changes after that date. Advanced and more sophisticated Accounting Software for the self employed who also employ staff are available with integrated payroll software included in the Accounting Software packages. The best Accounting Software will not only produce your self employed financial accounts but also produce the HM Revenue and Customs returns. Accounting Software that has automated the vat returns each quarter, Payroll Software that completes the time consuming P11 employee deductions working papers and simplifies the P60 year end certificates and P35 employers’ annual paye return. And most crucially Accounting Software that automates the Self Assessment tax return. Accounting Software and Self Assessment Tax Returns The Self Assessment tax return is a complex document for the initiated. It doesn’t have to be, for a small business with turnover under £15,000 the self assessment tax return can be completed by entering totals of self employed sales, expenses and net profit on page one. For larger self employed businesses more complex calculations are required. Capital Allowances, balancing charges, base periods and expense analysis are beyond many self employed. Self employed businessmen are experts in their field of operations and often require help with these accounting based elements that an accountant or Accounting Software can provide. The best Accounting Software can take the simple lists of financial transactions and by clever use of formulae built into excel spreadsheets transform the year end experience by automating the production of the self assessment tax return. It isn’t impossible, if a calculation can be made mathematically then a quality Accounting Software package can automate the process using formulae within excel to produce the calculations and offer the Self Employed businessman an automated Self Assessment Tax Return. A function that Accounting Software can do at a fraction of the price an accountant might charge for this service. Accounting Software for the Self Employed should produce the Self Assessment tax return as the end product. The Self Assessment tax return is the Self Employed end product of his financial endeavours and therefore the Self Assessment tax return has to be the end product of any quality Accounting Software. Article Source: http://www.articles-galore.com Terry Cartwright, qualified accountant, designs Accounting Software at DIY Accounting Software that automates the self assessment tax return for self employed in the UK and DIY Accounting Payroll Software that automates the revenue payroll tax returns
Products and Services mentioned in this article are available Here   
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FTA gives Honolulu OK for rail precasting yard
<img src='http://assets.bizjournals.com/pacific/honolulu%20rail%20transit%20logoNEWS*100.jpg?v=1'>The Federal Transit Administration has given the Honolulu Authority for Rapid Transportation the green light to spend $21.8 million for work that includes a precasting yard to create concrete for the rail project?s guideway.
The FTA has already given HART the approval to spend $184.7 million on a few sections of the Honolulu rail project, a maintenance and storage yard near Leeward Community College and three rail stations in Waipahu. Construction on the project started last month.
The $5.17...<div class="feedflare">
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Conde Nast Traveler ranks Maui spa best Hawaii resort spa
<img src='http://assets.bizjournals.com/pacific/news/Spa_Travassa_Hana*100.jpg?v=1'>Spa at Travaasa Hana was named the top resort spa in Hawaii for the second year in Conde Nast Traveler?s 2012 spa poll.
The spa earned an overall score of 98.5 and had perfect scores of 100 for treatments and facilities.
?This recognition is a testament to our distinct spa and wellness services, hard work of our spa employees, and the timeless healing energy of Hana,? General Manager Danny Mynar said in a statement.
The Four Seasons Resort Lanai?s The Lodge at Koele took second place on...<div class="feedflare">
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Hawaii jobless rate edges downward to 6.3 percent in April
Hawaii?s seasonally adjusted unemployment rate fell to 6.3 percent in April, compared with 6.6 percent a year ago, the state Department of Labor and Industrial Relations said Thursday.
The statewide jobless rate last month was also lower than the March unemployment rate of 6.4 percent.
The national seasonally adjusted unemployent rate for April was 8.1 percent, down from 9 percent a year ago.
There were 614,400 people employed in Hawaii in April and 41,350 unemployed, for a total seasonally...<div class="feedflare">
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Navy?s USS Carl Vinson stops in Hawaii before ?tiger cruise?
<img src='http://assets.bizjournals.com/pacific/blog/USS_Carl_Vinson_Pearl_Harbor_courtesy*100.jpg?v=1'>Sure, Pearl Harbor and the waters around Hawaii won?t be buzzing with a huge increase in naval activity for another six weeks when the Rim of the Pacific exercises get underway, but apparently the Navy just couldn?t wait until then to show off its military muscle.
The USS Carl Vinson aircraft carrier pulled into port this week, while another carrier, the USS Nimitz, will be coming here for RIMPAC, along with ships and aircraft from 21 other countries.
But this wasn?t just an ordinary visit...<div class="feedflare">
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Hawaii to feel effects of Chinese solar panel tariffs
Hawaii?s fast-growing solar industry will feel the impact of the U.S. Department of Commerce?s decision Thursday to impose tariffs of more than 30 percent on photovoltaic panels imported from China ? most likely in the form of higher prices.
This is in addition to the Commerce Department?s 2.9 percent to 4.73 percent tariff announced in March.
The tariffs are retroactive to 90 days before the decision.
But according to Andrew Yani, spokesman for the Hawaii Solar Energy Association, there...<div class="feedflare">
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Hawaii sues to bar Skechers USA from making health claims
<img src='http://assets.bizjournals.com/nashville/news/SkechersShoeNSH*100.jpg?v=1'>The state of Hawaii has joined in the Federal Trade Commission?s $40 million settlement with Skechers USA Inc. over the company?s health claims about its ?toning shoes? in advertisements that starred such celebrities as Kim Kardashian and Joe Montana.
The Hawaii Office of Consumer Protection filed a lawsuit in 1st Circuit Court on Wednesday seeking to bar Skechers from making claims that its Shape-ups, Tone-ups and Resistance Runner shoes cause wearers to lost weight, burn calories and improve...<div class="feedflare">
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Postal Service will close processing plants, none in Hawaii
The U.S. Postal Service said Thursday that it will begin closing 48 mail processing plants on the Mainland this summer as part of a cost-cutting plan to trim $1.2 billion from the agency?s budget in response to a declining volume of mail.
The Postal Service said it would consolidate a total of 140 mail processing facilities through February 2013 during the first phase of a modified plan to consolidate a total of 461 locations. Following the summer closings, another 92 processing centers will be...<div class="feedflare">
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Barnwell leads Hawaii stocks on down day on Wall Street
Barnwell Industries stock gained 5 percent Thursday on a day when most Hawaii stocks followed the broader markets to close lower.
The Dow Jones Industrial Average lost 156.06 points, or 1.24 percent, to close at 12,442.49, while the Nasdaq lost 60.35 points, or 2.10 percent, to close at 2,813.69.
Gainers:
Barnwell Industries Inc. (AMEX: BRN) closed at $3.14, up 14 cents, or 4.64 percent;
Central Pacific Financial Corp. (NYSE: CPF) closed at $13.28, up 1 cent, or 0.08 percent.
Losers:
Alexander...<div class="feedflare">
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Initial unemployment claims fall sharply in Hawaii
The number of initial unemployment claims filed in Hawaii last week dropped 31 percent when compared to the same week last year, according to the state Department of Business, Economic Development and Tourism.
There were a total of 1,707 initial jobless claims filed during the week ending May 12, which was 31.1 percent fewer than the 2,476 claims filed during the same week last year, the state said.
All four counties saw drops of more than 25 percent, with Kauai reporting fewer than half the number...<div class="feedflare">
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Hawaii gas prices dip a penny, still highest in the nation
The statewide average price of gasoline in Hawaii slipped a penny since last week to $4.54 for a gallon of regular unleaded, according to AAA Hawaii?s Weekend Gas Watch.
The price was 6 cents lower than a month ago and 13 cents less than a year ago, but still the highest in the nation. Second-place Alaska saw a 13-cent increase over the past week to $4.48, which brought it within 6 cents of Hawaii?s statewide average.
?There a bit more price relief again this past week for Hawaii motorists,?...<div class="feedflare">
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