Duplicate records can appear when there are two records of the same transaction.

Private car expenses are allowable as business expenses when travelling from your place of work to or from a client or supplier. Going from home to office is not considered a business expense.

There may be times when you get sent an expense invoice or send out a sales invoice that will be paid with multiple transactions. This can still be reconciled in your bank feed.

Xero offers a function within the app to customize invoices, quotes and statements

No. HMRC will accept both digital and paper records.

There are two tools within Xero that you can use to track invoices and costs relating to a clients project.

Postponed VAT is a way to deal with VAT on Imports.

When importing goods HMRC applies to VAT on Import at the point of entry into the UK, usually requiring it to be paid before goods are released.

For unincorporated businesses donations are not tax-deductible. For Ltd Companies they are tax-deductible so long as they are made to registered charities.

Xero offers a way to speed up some of your bookkeeping by using bank rules. These will allow you to fill out the information to spot specific words within a transaction which can then be allocated to a category and supplier.

With Dext you can increase the information pulled through from invoices and receipts by using supplier rules. These can allow you to set the supplier details, the category, tax rates and more.

Yes. If you were an employee you could make an expense claim without charging VAT but as a supplier to your client, any time* you receive money from a client you make a sale.

Xero has a built-in tool to support cash flow forecasting, there are two versions available the first is included in the base package called Xero short-term cash flow, the second version is an add on to your account called Xero Analytics Plus.

When a Director's Loan Account is overdrawn it means the Director has taken more money from the company than they are owed.

In order for you to claim back VAT upon your Vat returns there are certain requirements and information that HMRC need in order to confirm whether the record is valid or not for the payment.

Companies House require companies to maintain a register of Directors, Shareholders and also Persons of Significant Control.

Generally expenses are only tax deductible if they are 'wholly and exclusively' for the business. As we need lunch to survive rather than for our business it generally it is not allowable.

The statement balance in Xero is your opening bank balance plus the sum of all the bank statements that have been imported into the bank account.

Ltd Company records must be kept for 6 years from the last date of the financial year they relate to.

Company Directors can vote dividends up to the amount of ‘Retained Profit’ in the company.