Invoices
Invoice Tips
Use the form to create invoices for clients. Select a plan, set the status, and add notes (e.g., payment terms). Click "Generate Invoice" to preview and save to Firestore. Download as PDF for records. Edit or delete invoices in the Summary tab.
Expenses
VAT and Expense Tips
Enter expenses excluding VAT (e.g., £100 for fuel). VAT is auto-calculated based on the rate (20% for fuel). Check 'Reclaimable' if VAT-registered and eligible to reclaim. Total (Amount + VAT) is deductible for income tax if not VAT-registered. Use categories for reporting.
Understanding VAT and Deductions
What is VAT? VAT (Value Added Tax) is a tax on goods and services, typically 20% (e.g., £20 VAT on a £100 fuel receipt, total £120).
VAT Deduction: If VAT-registered, reclaim the VAT (£20) in your HMRC VAT return if marked as reclaimable. If not VAT-registered, deduct the total (£120) from your income for income tax.
How to Use: Enter the amount excluding VAT, select the VAT rate (e.g., 20% for fuel), and the VAT amount auto-calculates. Adjust manually if needed. Uncheck 'Reclaimable VAT' for personal expenses. The table/PDF shows both for HMRC reporting.
Example (Fuel Receipt): Receipt shows £120 total. Enter £100 (excl. VAT), select 20% VAT rate, VAT auto-sets to £20. Choose 'Travel' category. Total (£120) is deductible for income tax if not VAT-registered.
VAT Registration: Register if your turnover exceeds £90,000/year (2025 threshold). Check HMRC for details.
Tax Calculator
Tax Calculation Tips
Enter your taxable income (total income minus deductible expenses from Summary tab). The calculator estimates UK income tax and Class 4 National Insurance based on 2024-2025 rates. 2025-2026 rates are estimates; check HMRC for updates.
Understanding Income Tax and National Insurance
What is Taxable Income? Total income (from Invoices tab) minus deductible expenses (from Summary tab, use 'Total Deductible' if not VAT-registered).
Income Tax (2024-2025): £0-£12,570 (0%), £12,571-£50,270 (20%), £50,271-£125,140 (40%), above £125,140 (45%).
National Insurance (Class 4, 2024-2025): 9% on profits £12,570-£50,270, 2% above £50,270. No NI if profits below £12,570.
2025-2026 Rates: Tax and NI rates may change. Current estimates use 2024-2025 rates. Check HMRC for updates.
Tip: Use the Summary tab’s 'Total Deductible' to calculate deductions. If VAT-registered, only deduct expenses excluding reclaimable VAT.
Profit & Loss
Total Income
£0.00
Total Expenses (excl. VAT)
£0.00
Total VAT (Reclaimable)
£0.00
Total Deductible
£0.00
Net Profit
£0.00
Financial Overview (£)
P&L Tips
View your income (from invoices) minus expenses (excl. VAT). Net profit is used for tax calculations. Filter by time to spot trends.
Understanding Profit & Loss
What is Profit & Loss? P&L shows your total income (from Invoices) minus expenses (excl. VAT). Net profit is what’s left after expenses, used to calculate taxable income.
How it Works: Income comes from invoices (e.g., £200 from a Premium plan). Expenses (excl. VAT) are from the Expenses tab (e.g., £100 fuel). VAT is shown separately for VAT returns if registered. Total Deductible (Amount + VAT) is for income tax if not VAT-registered.
High-Expense Categories: Categories exceeding 20% of total expenses are highlighted in red in the chart for attention.
Time Filter: Use the dropdown to view data for the current month or quarter to spot trends.
Example: You earn £500 (invoices) and spend £100 (fuel, excl. VAT) + £20 VAT. Net Profit = £500 - £100 = £400. If not VAT-registered, deduct £120 (Total Deductible) for income tax.
Tip for £10,000/Month: Check P&L weekly to ensure expenses don’t exceed income. Use negative profit (in red) as a warning to cut costs. Review Summary tab for expense breakdown.
Financial Summary
Outstanding Invoices
Total Outstanding:£0.00
| Invoice # | Customer | Amount | Status | Date | Actions |
|---|
Expense Categories
| Category | Amount (excl. VAT) | VAT | Total | Reclaimable |
|---|
Total VAT (Reclaimable):£0.00
Total Deductible:£0.00
Summary Tips
Review outstanding invoices and expense categories. Export data as CSV for HMRC reporting. The pie chart shows expense distribution; high categories (>20%) are highlighted.
Basic Calculator
Calculator Tips
Use for quick calculations (e.g., summing invoices). Enter numbers and operators, then press '=' for the result. Use 'C' to clear. Parentheses support complex expressions.
Using the Calculator
Use this calculator for quick arithmetic calculations related to your accounting tasks, such as summing invoice amounts, calculating expense totals, or estimating tax figures.
Instructions: Click the number buttons to input values, use operator buttons (+, -, ×, ÷) for calculations, and press '=' to get the result. Use 'C' to clear the display. Parentheses can be used for complex expressions.
Example: To calculate the total of two invoices (£50 + £120), enter "50 + 120 =" to get £170. For VAT on £100 at 20%, enter "100 * 0.2 =" to get £20.