Business Library

Welcome to the Shell LiveWIRE Business Library! Are you just starting up? Thinking of scaling? Choose a Business Stage from the menu below to find information appropriate to your current situation. Alternatively, you can use the search tool to look for specific topics.

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Income Tax and Self-assessment

This section will touch on your Income Tax responsibilities as a start-up.

Corporation Tax

Corporation tax is only applicable to net profits generated by limited companies; sole traders and partnerships pay income tax.

Budgeting

An introduction to budgeting and the types of budgeting you can employ.

Preparing a Budget

The preparation of budgets requires the collection of data to justify the projected expenditure.

Bookkeeping

Everyone in business plans to make a profit, but how do you know if you are making a profit?

The Cash Book

The cash book is where you record all movements of cash, that is, all payments by the business and all receipts to the business.

The Purchase Ledger

Purchase ledgers are used to record all suppliers' invoices; to show those which are still unpaid; and to allow VAT to be accounted for.

The Sales Ledger

A sales ledger is used to record, the sales for a month, how much cash was received when the cash was received; and what is currently owed to the business.

Understanding Financial Statements

Small business owners and start-ups need to be able to understand finance; leaving everything to an accountant is easy, but isn’t practical.

Financial Statements

Accounting simply follows the money flowing within, to, and from, a business. It is important to remember that the accounts reflect the finances of the business, not of the owner(s).

Profit and Loss Account (P&L)

A profit and loss account (P&L) shows a business' trading results over a given period of time, eg weekly, monthly or yearly.

Balance Sheet

A balance sheet details your business' assets and liabilities, and shows the financial state of your company at a specific point in time.

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