{"id":5496,"date":"2022-07-07T09:30:00","date_gmt":"2022-07-07T09:30:00","guid":{"rendered":"https:\/\/workplaceproperty.com\/?p=5496"},"modified":"2022-08-30T12:58:46","modified_gmt":"2022-08-30T12:58:46","slug":"king-streets-guide-to-financial-reporting","status":"publish","type":"post","link":"https:\/\/workplaceproperty.com\/king-streets-guide-to-financial-reporting\/","title":{"rendered":"Workplace Property&#8217;s Guide to Financial Reporting"},"content":{"rendered":"<style>#kt-layout-id_82877b-fc{margin-top:0px;margin-bottom:0px;}#kt-layout-id_82877b-fc > .kt-row-column-wrap{align-content:start;}:where(#kt-layout-id_82877b-fc > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}#kt-layout-id_82877b-fc > .kt-row-column-wrap{column-gap:var(--global-kb-gap-none, 0rem );row-gap:var(--global-kb-gap-none, 0rem );max-width:1140px;margin-left:auto;margin-right:auto;padding-top:var( --global-kb-row-default-top, 25px );padding-bottom:var( 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class=\"wp-block-kadence-rowlayout alignnone\"><div id=\"kt-layout-id_de6a2f-1a\" class=\"kt-row-layout-inner kt-layout-id_de6a2f-1a\"><div class=\"kt-row-column-wrap kt-has-2-columns kt-gutter-default kt-v-gutter-default kt-row-valign-top kt-row-layout-equal kt-tab-layout-inherit kt-m-colapse-left-to-right kt-mobile-layout-row\"><style>.wp-block-kadence-column.kadence-column_b6195f-bc > .kt-inside-inner-col{margin-top:0px;margin-bottom:0px;margin-right:0px;margin-left:0px;}.kadence-column_b6195f-bc > .kt-inside-inner-col{padding-top:0px;padding-bottom:0px;padding-left:3px;padding-right:0px;}.kadence-column_b6195f-bc > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_b6195f-bc > .kt-inside-inner-col,.kadence-column_b6195f-bc > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_b6195f-bc > 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kt-gutter-default kt-v-gutter-default kt-row-valign-top kt-row-layout-equal kt-tab-layout-inherit kt-m-colapse-left-to-right kt-mobile-layout-row\"><style>.wp-block-kadence-column.kadence-column_7ce856-2d > .kt-inside-inner-col{margin-top:0px;margin-bottom:0px;margin-right:0px;margin-left:0px;}.kadence-column_7ce856-2d > .kt-inside-inner-col{padding-top:0px;padding-bottom:0px;padding-left:0px;padding-right:0px;}.kadence-column_7ce856-2d > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_7ce856-2d > .kt-inside-inner-col,.kadence-column_7ce856-2d > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_7ce856-2d > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_7ce856-2d > .kt-inside-inner-col{flex-direction:column;}.kadence-column_7ce856-2d > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_7ce856-2d > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_7ce856-2d{position:relative;}@media all and (max-width: 1024px){.kadence-column_7ce856-2d > .kt-inside-inner-col{flex-direction:column;}}@media all and (max-width: 767px){.kadence-column_7ce856-2d > .kt-inside-inner-col{flex-direction:column;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-1 kadence-column_7ce856-2d\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading_fdd2f9-8b, .wp-block-kadence-advancedheading.kt-adv-heading_fdd2f9-8b[data-kb-block=\"kb-adv-heading_fdd2f9-8b\"]{margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;padding-top:60px;padding-right:0px;padding-bottom:30px;padding-left:0px;font-weight:700;font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading_fdd2f9-8b mark, .wp-block-kadence-advancedheading.kt-adv-heading_fdd2f9-8b[data-kb-block=\"kb-adv-heading_fdd2f9-8b\"] mark{font-style:normal;color:#f76a0c;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}@media all and (max-width: 1024px){.wp-block-kadence-advancedheading.kt-adv-heading_fdd2f9-8b, .wp-block-kadence-advancedheading.kt-adv-heading_fdd2f9-8b[data-kb-block=\"kb-adv-heading_fdd2f9-8b\"]{text-align:left!important;}}@media all and (max-width: 767px){.wp-block-kadence-advancedheading.kt-adv-heading_fdd2f9-8b, .wp-block-kadence-advancedheading.kt-adv-heading_fdd2f9-8b[data-kb-block=\"kb-adv-heading_fdd2f9-8b\"]{font-size:40px;line-height:40px;text-align:left!important;}}<\/style>\n<h1 class=\"kt-adv-heading_fdd2f9-8b wp-block-kadence-advancedheading has-theme-palette-9-color has-text-color\" data-kb-block=\"kb-adv-heading_fdd2f9-8b\">King Street&#8217;s Guide to Financial Reporting<\/h1>\n\n\n\n<h4 class=\"has-theme-palette-7-color has-text-color wp-block-heading\" id=\"h-it-s-lawful-requirement-of-all-businesses-to-keep-financial-records-relating-to-it\"><strong><strong>It&#8217;s lawful requirement of all businesses to keep financial records relating to it.<\/strong><\/strong><\/h4>\n<\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n\n\n<style>.kadence-column_c927fe-0c > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_c927fe-0c > .kt-inside-inner-col,.kadence-column_c927fe-0c > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_c927fe-0c > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_c927fe-0c > .kt-inside-inner-col{flex-direction:column;}.kadence-column_c927fe-0c > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_c927fe-0c > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_c927fe-0c{position:relative;}@media all and (max-width: 1024px){.kadence-column_c927fe-0c > .kt-inside-inner-col{flex-direction:column;}}@media all and (max-width: 767px){.kadence-column_c927fe-0c > .kt-inside-inner-col{flex-direction:column;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-2 kadence-column_c927fe-0c\"><div class=\"kt-inside-inner-col\"><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n<style>#kt-layout-id_6e39f2-60 > .kt-row-column-wrap{align-content:start;}:where(#kt-layout-id_6e39f2-60 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}#kt-layout-id_6e39f2-60 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:var( --global-kb-row-default-top, 25px );padding-bottom:var( --global-kb-row-default-bottom, 25px );padding-top:30px;padding-bottom:0px;padding-left:20px;padding-right:20px;grid-template-columns:minmax(0, 1fr);}#kt-layout-id_6e39f2-60 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){#kt-layout-id_6e39f2-60 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){#kt-layout-id_6e39f2-60 > .kt-row-column-wrap{padding-left:0px;padding-right:0px;grid-template-columns:minmax(0, 1fr);}}<\/style>\n<div class=\"wp-block-kadence-rowlayout alignnone\"><div id=\"kt-layout-id_6e39f2-60\" class=\"kt-row-layout-inner kt-layout-id_6e39f2-60\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-gutter-default kt-v-gutter-default kt-row-valign-top kt-row-layout-equal kt-tab-layout-inherit kt-m-colapse-left-to-right kt-mobile-layout-row\"><style>.kadence-column_fb4f1c-8d > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_fb4f1c-8d > .kt-inside-inner-col,.kadence-column_fb4f1c-8d > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_fb4f1c-8d > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_fb4f1c-8d > .kt-inside-inner-col{flex-direction:column;}.kadence-column_fb4f1c-8d > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_fb4f1c-8d > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_fb4f1c-8d{position:relative;}@media all and (max-width: 1024px){.kadence-column_fb4f1c-8d > .kt-inside-inner-col{flex-direction:column;}}@media all and (max-width: 767px){.kadence-column_fb4f1c-8d > .kt-inside-inner-col{flex-direction:column;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-1 kadence-column_fb4f1c-8d\"><div class=\"kt-inside-inner-col\">\n<p>The benefits of keeping up to date records are vast and they become key indicators of how well you are doing as a business. Keeping regular, accurate records will save you time and therefore save you money whenever you need to produce financial reports.<\/p>\n\n\n\n<p>You can be assured by your own calculations that you&#8217;re paying the correct amount of tax that you owe. The large tax rebates seen over the past 3 months show how that even the <a href=\"https:\/\/www.gov.uk\/government\/organisations\/hm-revenue-customs\" target=\"_blank\" rel=\"noreferrer noopener\">Government and HM Revenues &amp; Customs<\/a> can get it wrong from time to time. They can also keep you up to date with your debts and debtors.<\/p>\n\n\n\n<p>This is a basic guide from <a href=\"https:\/\/workplaceproperty.com\/king-street-industrial-estate\/\">King Street Industrial Estate<\/a> on financial reporting to show you what you should be including. To run a tight ship you should keep 6 basic sets of financial archive.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"341\" src=\"https:\/\/workplaceproperty.com\/wp-content\/uploads\/2022\/07\/King-Street-Industrial-Estates-Guide-to-Financial-Reporting-1024x341.jpg\" alt=\"industrial units to let spalding\" class=\"wp-image-5545\" srcset=\"https:\/\/workplaceproperty.com\/wp-content\/uploads\/2022\/07\/King-Street-Industrial-Estates-Guide-to-Financial-Reporting-1024x341.jpg 1024w, https:\/\/workplaceproperty.com\/wp-content\/uploads\/2022\/07\/King-Street-Industrial-Estates-Guide-to-Financial-Reporting-300x100.jpg 300w, https:\/\/workplaceproperty.com\/wp-content\/uploads\/2022\/07\/King-Street-Industrial-Estates-Guide-to-Financial-Reporting-768x256.jpg 768w, https:\/\/workplaceproperty.com\/wp-content\/uploads\/2022\/07\/King-Street-Industrial-Estates-Guide-to-Financial-Reporting-1536x512.jpg 1536w, https:\/\/workplaceproperty.com\/wp-content\/uploads\/2022\/07\/King-Street-Industrial-Estates-Guide-to-Financial-Reporting-2048x683.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<p><strong>Cash sales book, cash purchase book and cash summary book<\/strong><br>The cash book is the central record of all incoming and outgoing money, it&#8217;s often referred to as cash flow. To complete a cash book you must amass and keep hold of records such as cheque book stubs, bank statements and receipts.<br>It is easier to keep a separate record for sales and purchases because once turnover exceeds \u00a373,000 it will help calculate your VAT liability (difference between the VAT you reclaim and your total sales VAT) because this amount is the VAT registration threshold.<\/p>\n<\/div><\/div>\n<\/div><\/div><\/div>\n\n\n<style>#kt-layout-id_026cd1-ea > .kt-row-column-wrap{align-content:start;}:where(#kt-layout-id_026cd1-ea > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}#kt-layout-id_026cd1-ea > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:var( --global-kb-row-default-top, 25px );padding-bottom:var( --global-kb-row-default-bottom, 25px );padding-top:30px;padding-bottom:0px;padding-left:20px;padding-right:20px;grid-template-columns:minmax(0, 1fr);}#kt-layout-id_026cd1-ea > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){#kt-layout-id_026cd1-ea > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){#kt-layout-id_026cd1-ea > .kt-row-column-wrap{padding-left:0px;padding-right:0px;grid-template-columns:minmax(0, 1fr);}}<\/style>\n<div class=\"wp-block-kadence-rowlayout alignnone\"><div id=\"kt-layout-id_026cd1-ea\" class=\"kt-row-layout-inner kt-layout-id_026cd1-ea\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-gutter-default kt-v-gutter-default kt-row-valign-top kt-row-layout-equal kt-tab-layout-inherit kt-m-colapse-left-to-right kt-mobile-layout-row\"><style>.kadence-column_96ccd0-46 > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_96ccd0-46 > .kt-inside-inner-col,.kadence-column_96ccd0-46 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_96ccd0-46 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_96ccd0-46 > .kt-inside-inner-col{flex-direction:column;}.kadence-column_96ccd0-46 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_96ccd0-46 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_96ccd0-46{position:relative;}@media all and (max-width: 1024px){.kadence-column_96ccd0-46 > .kt-inside-inner-col{flex-direction:column;}}@media all and (max-width: 767px){.kadence-column_96ccd0-46 > .kt-inside-inner-col{flex-direction:column;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-1 kadence-column_96ccd0-46\"><div class=\"kt-inside-inner-col\">\n<p><strong>Sales ledger<\/strong><br>This records your businesses sales, the amount received for goods and services and money owed and the end of each month. It is an extremely useful business planning tool that allows you to keep track of and pursue slow payers and to see which of your customers are most profitable.<\/p>\n\n\n\n<p><strong>Purchase ledger<\/strong><br>This records all purchases you make as a business. It will help you to monitor your business&#8217; spending and how much money you owe to creditors at any one time. It will also give you a record of your most regular suppliers and how much you have spent with each.<\/p>\n\n\n\n<p><strong>Wage book (if you employ staff)<\/strong><br>If employing staff, then a record must be kept of how much you pay each of them and the deductions made from their wage. Wages are the most significant costs to small businesses, keeping a record of them will help you to easily deal with any staff questions regarding self-assessment and also you will be able to prove you pay the national minimum wage and equal pay for work of equal value should you ever need to.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/workplaceproperty.com\/wp-content\/uploads\/2022\/07\/scott-graham-5fNmWej4tAA-unsplash-1024x683.jpg\" alt=\"industrial units to let peterborough\" class=\"wp-image-5727\" srcset=\"https:\/\/workplaceproperty.com\/wp-content\/uploads\/2022\/07\/scott-graham-5fNmWej4tAA-unsplash-1024x683.jpg 1024w, https:\/\/workplaceproperty.com\/wp-content\/uploads\/2022\/07\/scott-graham-5fNmWej4tAA-unsplash-300x200.jpg 300w, https:\/\/workplaceproperty.com\/wp-content\/uploads\/2022\/07\/scott-graham-5fNmWej4tAA-unsplash-768x513.jpg 768w, https:\/\/workplaceproperty.com\/wp-content\/uploads\/2022\/07\/scott-graham-5fNmWej4tAA-unsplash-1536x1025.jpg 1536w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<p>A business owner must by law maintain financial records and keep them as a general rule for a minimum of 6 years.<\/p>\n\n\n\n<p>It is important to keep relevant, accurate records that are up to date as failure to back up statements made in income tax or VAT assessments can result in penalties.<\/p>\n\n\n\n<p>For further information <a href=\"https:\/\/www.eastmidlandsbusinesslink.co.uk\/mag\/\" target=\"_blank\" rel=\"noreferrer noopener\">Business Link East<\/a> run workshops to let you know about financial practices for small business.<\/p>\n\n\n\n<p>If you have a small business then an <a href=\"https:\/\/workplaceproperty.com\/\">industrial unit<\/a>, small warehouse or workshop at King Street Industrial Estate could be just what you need to prosper.<\/p>\n\n\n\n<p>To find out more about Industrial units at <a href=\"https:\/\/workplaceproperty.com\/king-street-industrial-estate\/\">King Street Industrial Estate<\/a> call our Estate Manager on <a href=\"tel: 01778 560693\">01778 560693<\/a> and select option 1 or alternatively send us an&nbsp;<a href=\"mailto:enquiries@workplaceproperty.com\">email.<\/a><\/p>\n<\/div><\/div>\n<\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>King Street&#8217;s Guide to Financial Reporting It&#8217;s lawful requirement of all businesses to keep financial records relating to it. The benefits of keeping up to&#8230;<\/p>\n","protected":false},"author":8,"featured_media":5545,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_kadence_starter_templates_imported_post":true,"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[33],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.6 (Yoast SEO v22.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Workplace Property&#039;s Guide to Financial Reporting - Workplace Property Limited<\/title>\n<meta name=\"description\" content=\"Financial reporting can be intimidating, and you may struggle to know where to start. 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