So what exactly can IRIS do? Why is IRIS such a good piece of software that makes it ideal for the small accountancy practice? The features of IRIS are as follows:

i) The ability to prepare financial statements

One of the fundamental and ‘bread and butter’ services provided by an accountant is that of  preparing the financial statements containing all the relevant disclosures required under UK GAAP, Company Law and applicable standards for clients, and this is easily done using IRIS.

By extracting the trial balance from the client, or preparing the trial balance form the basic accounting records the financial statements are prepared by posting the balances to the relevant IRIS nominal codes, and making all the relevant journal adjustments. Once the figures have been entered on to IRIS the financial statements are prepared by simply pressing a button.

Whilst the main frame work of the financial statements is already there, the disclosure notes will have to be input manually however this is simply done through the data screens, which is easy to learn and pick up.

ii) The ability to prepare corporation tax computations and CT600 returns

Corporation tax is another bread and butter service that small firms of accountants provide, and it is something that is easily done on IRIS since it links in with the accounts. Once the accounts are prepared IRIS automatically posts some of the figures, such as the profit or loss before tax, depreciation and specific disallowable expenses to the corporation tax module. This is a fantastic feature as if there are any adjustments to the tax sensitive accounts in the accounts module the corporation tax module is automatically updated, hence there is no duplication of work.

Like all the modules on IRIS, the corporation tax module is intuitive, logical and has a user friendly interface so it is easy to learn. If there are any problems clicking on the help button will help solve the issue quickly and with little fuss.

Once all the figures have been input in to IRIS the software allows the user to print off a corporation tax computation, a corporation tax return and schedules of data (which is a supporting calculation). These schedules are printed off and sent to the client for approval. Once the corporation tax return form CT600 has been approved by the client it is possible to file the tax return with HM Revenue & Customs online through the XBRL system. Online filing is a quick, efficient and cost effective way of filing tax returns and it is something that HM Revenue & Customs are actively pushing and in the future there is the likelihood that paper returns will fizzle out.

iii) The ability to prepare sole trade and partnership accounts

Whilst there are no statutory requirements with regards to sole trade and partnership accounts,  it is nice to have an organised, neat and easy to read set of accounts for the tax man, and IRIS does this.

The process is more or less the same as when preparing financial statements, in that the trial balance is posted to the IRIS nominal codes, however the narrative notes and disclosures are not needed. In addition, presenting a neat and well presented trading and profit and loss account and balance sheet to the client looks professional and gives the sole trader or partners something tangible, i.e. a physical set of trading accounts, at the end of the exercise.

iv) The ability to prepare personal tax computations and returns

Personal tax computations and returns are the individual’s equivalent of the corporation tax return and computation. Furthermore, it is another bread and butter service provided by nearly all small firms of accountants therefore IRIS also contains a personal tax module.

The personal tax module is linked to IRIS sole trader and partnership accounts therefore any changes to the accounts results in an automatic update in personal tax for the proprietor or partners.

v) The ability to prepare trust tax computations and returns

IRIS contains a trust tax module that allows the accountant to prepare a trust tax computation quickly, efficiently and with minimum fuss.

vi) The ability to maintain statutory registers

IRIS also has a company secretarial module which allows the accountant to perform all tasks of a company secretary, including maintaining the company registers, preparing the Annual Return, preparing minutes of meetings and preparing dividend vouchers amongst many other things.

Overall, IRIS does everything a small accountant would need and it does it very well. There are many advantages using IRIS with the fact it is fully integrated and linked being the main one. In addition, all of the IRIS modules are logical, easy to learn and have a user friendly interface however if there are any problems there is a fantastic help and tutorial module that is likely to solve issues very quickly. However, any user still struggling with any part of IRIS after searching through the ‘help’ tab can contact IRIS direct and they are very helpful.

Unlike a salaried employee, the full scope of tax credits and deductions obtainable in the tax code are now obtainable to you. The number one tax strategy for self employed individuals is to maintain receipts for each company expense and write them off. Practically something can be deducted, so do it. Acceptable expenses include cell phone usage, company mileage, office supplies, home office deductions which includes part of mortgage or rent and so on. If you’ve filed a tax return while self employed, you are most likely previously mindful of this so lets move on to a lot more particular tax strategies for self employed people.

If your expenditures exceed your income for a year, you certainly will not have to pay taxations for that year. What most people don’t understand, nevertheless, is that this kind of losses can be carried forward for seven years and deducted against future earnings. Alternatively, the identical losses can be carried backward three years to recover past taxations compensated. The end result of this scenario is you can turn a bad enterprise 12 months into an earnings generator by applying the losses to taxations in other years which efficiently wipes out your tax bill for those years.

If you have one enterprise, you’ll often have a second one that is tailored to making some funds off a individual interest. You may possibly look at the journey articles or blog posts as a pastime, but it is in fact a business. If you’ve sold or even tried to sell any of your content articles to a publication, all of your expenditures connected to journey writing can be deducted from your taxable profits. This includes trips and so on. These, deductions can substantially lessen your taxable profits from the consulting business. Make certain to get a grasp of your general business efforts, even if you don’t really think about them to be a business.

Consider employing your kids to conserve on taxations. A kid below 18 that works| for you does not have to pay FICA and so on. If the total wages for the 12 months are under ,250, they will pay out no taxations and you can write off this amount as a legitimate business expense. Of course, the kid needs to really be performing a legitimate business activity, but filing and comparable manual tasks certainly will qualify.

Tax strategies for self employed are plentiful. If you are self employed, consider acquiring expert support. A excellent expert will help save you thousands upon thousands of bucks in taxations, more than generating up for their charges. Oh, you can also deduct their charges!

Check more accounting strategies at David Christensen Accountancy

The town has suffered a big rise in its jobless total in recent months, with latest figures showing over 3,300 people now claiming jobseekers’ allowance, following cutbacks at several high-profile firms and the abandonment of job creation schemes such as the ‘super casino’.

But Danbro’s success has continued, with eight new members of staff recruited so far this year, buoyed by strong demand for its umbrella and limited company services, aimed at the thousands of temporary and freelance workers in the UK.

The firm opened an office in London last July, and expanded into Manchester earlier this year. It also acquired rival firm Safe Business Solutions (SBS), bringing its client base to around 2,700 active contractors and just over 1,000 limited companies.

It also recently achieved ISO9001 accreditation, which confirms it adheres to an internationally-agreed set of standards for its management systems, and an Investors in People award in recognition of the training and development of its staff, while it has continued to invest in IT with the launch of a new website and back office within the last six months.

Danbro’s Gareth Richardson said: “Blackpool’s unemployment figures are increasing at a higher rate than the national average and potentially undesirable job creation exercises such as the ‘super casino’ have failed. Danbro is creating and safeguarding long-term, highly skilled and highly trained jobs in the region.”

Danbro is not resting on its laurels, and is set to continue its expansion with plans to open a second office in London as well as one in Birmingham later this year.

For more information contact Danbro on:

Head Office: 01253 600140
London Office: 0207 836 84000
Manchester Office: 0161 238 4918

or visit www.danbro.co.uk

The firm, which specialises in working with contractors and freelancers had been shortlisted in the Small Firm of the Year and Best Use of Internet: Practice categories in  the 2008 Accountancy Age Awards, which were announced on the evening of 12 November at a ceremony at Battersea Park Arena, London.

The awards recognise the very best accountants in business, practice and in the public and voluntary sectors across the UK.

Managing partner Damian Broughton said: “While we are disappointed not to have won, being shortlisted for two Accountancy Age awards is a real achievement in itself and demonstrates the dedication shown by the whole Danbro team. Now we are hoping to go a step further in 2009 and become an award winner.”

Danbro’s shortlisting for the awards was another significant event in an excellent year for the company. During 2008, Danbro has opened a London office, been ranked one of the fastest growing private companies in the UK in the Sunday Times Fast Track 100 league table and rated in the top six in the best accountancy firm and best umbrella service categories by voters in a poll on the Contractor UK website.

Its high quality support was also recognised in an independent compliance audit by Professional Passport, which described Danbro as providing “compliant solutions combined with excellent customer service” and it received HM Revenue & Customs’ seal of approval after a successful December 2007 compliance visit.

For more information contact Danbro at their head office on 01253 600140 or their London office on 0207 836 8400.

Find out more at News, DANBRO – Umbrella Company

In putting up any kind of business, the end goals are primarily profitability and progress. Magnifying your money is the target endpoint. To be able to do such, you ought to focus on a very important aspect of your business- Business Finance Management. Below are some tips that you can follow not just to ensure the sustainability of your company, but to probably maximize its potentials.

1. Raise Money- Lots and lots of it. Businesses need more than sufficient funding. They need funds for the expected expenses, more funds for unexpected problems, and reserved funds for possible beneficial ventures. As such, when you are attempting to look for funds and possible investors, maximize the opportunity. Prepare big time but feasible business propositions. When opportunities for investment and profit knock on your doors, take chances and welcome the chance. However, you ought to grab the risks only after you have carefully examined the possible consequences of your business venture.

2. Acquisition is not always the answer. During business ventures, there is always plenty of room for additional expenses. Your first budget allocation for a certain expense may not be enough. You may need additional equipment and materials that require you to make unexpected expenditures. In such cases, note that buying what you need is not the only option. Look for alternatives such as renting or leasing the equipment you need. However, do take note of the rental or leasing fee versus the acquisition expenses, in accordance to your time frame for equipment usage.

3. Inform the concerned. In business ventures, you ought to keep pertinent parties aware of whatever is happening in your business. Pertinent parties refer to those who will be affected by the profitability or fund inadequacy in your business. These parties include your bank, your investors, your suppliers, your customers, and even your inland revenue representative. Realize that keeping them informed maintains good business relationships. It may also heighten their concern for your business needs such as additional funds and/or more profitable business deals.

4. Welcome Renegotiations. There are some cases when your investors, suppliers, and customers ask you for renegotiations on your transactions. Be open for such possibilities and options. Avoid limiting yourself to uniform business deals. Recognize that suggestions made by the people you are working with are worth your attention. This will not only help you maintain good business relations with them. Instead, it can open your doors to business opportunities which may prove to be beneficial in the long run.

5. Stick to strict payment and debt procedures. Renegotiation starts and ends with business deals. They should not extend to your payment procedures and debt accountability. When allowing your customers to go on credit, do a thorough financial check first. Set clear procedures for payment and be sure to follow them, without exceptions. You should also set a specific deadline for each debt. Realize that a service or product on credit is a potential loss for your business finances.

6. List everything. This may be a tedious task but such may prove to be very beneficial for you in the end. Realize that no matter how big or small your business deals are, all of these mirror how you manage your finances and all of these affect the overall outcome of your business venture. As such, you ought to practice proper bookkeeping and accounting.