Another word for sales. If you are VAT registered the turnover will be recorded in your accounts net of VAT.
This is an important piece of tax legislation for employees. If you are travelling to a temporary workplace your costs of travel will be tax deductible costs. Once a workplace becomes your normal place of work then your journey becomes “normal commuting” and no travel costs can be claimed.
Contractors and site workers need to be aware of these rules. See our blog on “Contractors and the 24 month rule”
You may hear your accountant referring to a trial balance. This is a list of all the assets, liabilities, income and expenses, including your profits from earlier years that you have not withdrawn from the business for a particular time period (for example your accounting year). The total of all these accounts should be £nil as for every asset/expense item there should be an equal and opposite liability/income item.