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 The income statement illustrates to you, over a specified amount of time, how profitable your company has been. In addition, the balance sheet provides an overview of the assets and liabilities of the company. They are a formidable economic entity when considered as a group. In the following guide, we will investigate the function of these financial statements in order to demonstrate the value that they can bring to your company. In this guide we will learn about the income statement and balance sheet . The income statements will show you the resources you have available to you. An income statement, which is also referred to as a profit and loss statement, is a document that details the amount of money your company made as well as the amount of money it spent during a specific time period. You can track your financial health and find ways to improve your profit margin or increase cash flow if you go back and look at trends in your income statements. This will allow you to track your p

When completing your VAT return, it's simple to make a mistake. It's possible that you forgot to include something or that you got the total wrong when you totaled up the numbers. In the event that this does occur and you discover that you have made an error in a return that you have already filed, there is no need for you to freak out because it is simple to correct the VAT errors . You do not need to inform HMRC about the errors as long as certain requirements are met; rather, all you need to do to fix them is make the necessary adjustments to your subsequent VAT return. Adjustment conditions You are permitted to make adjustments to your current VAT return in order to repair faults on previous returns provided that the inaccuracies: are smaller than the threshold for reporting, are not the result of deliberate action, and pertain to an accounting period that ended no more than four years ago. The required level of reporting The reporting threshold for net errors is set at £10