Liabilities

What the business owes.

Appear in the Balance Sheet and show what the business owes, both long-term and short-term (or current). Long-term liabilities consist of obligations with a life of more than one year from the date of the accounts, whilst Current Liabilities consist of short-term items such as debts to suppliers, HMRC for any tax, NI or VAT owed, and any overdraft.

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