Year-end tax planning tips
As the end of the 2018/19 tax year approaches, it is worthwhile taking time for some last-minute tax planning. Here are some simple tips that may save you money. Preserve your personal allowance: the personal allowance is reduced by £1 for every £2 by which income...
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Salary v dividend for 2019/20
A popular profits extraction strategy for personal and family companies is to extract a small salary, taking further profits as dividends. Where this strategy is pursued for 2019/20, what level should be the salary be set at to ensure the strategy remain tax...
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Overdrawn director’s loan account – how to avoid tax charges
In a personal or family company, the lines between the directors as individuals and the company are often blurred – the director may lend money to the company when cash-flow is tight and the company may lend money to the director or pay personal bills on the...
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Top 5 Limited Company Mistakes You’ll Want To Avoid
Running a limited company isn’t always a walk in the park. There are a lot of different things to understand, from the rules around salaries and expenses to corporation tax and VAT. And there are a lot of things that can cause you some major problems if you get them...
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The importance of keeping accurate business records
To ensure that you pay the correct amount of tax and file correct tax returns with HMRC, it is vital that you keep complete and accurate business records. This applies regardless of whether you are running a business as a sole trader or in partnership or operating a...
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How To Avoid Late Payments
Late payments - a big concern for small business owners! In an ideal world, all businesses would be paid on time, or even early, for their products and services. And while there are some people out there who are diligent in their payment efforts, sadly there are a lot...
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A Beginners Guide To Profit And Loss Accounts – Getting Back To Basics.
As a business owner, there are a lot of things you need to focus on. And even when you’re settling down to just work on one area of the business, you will quickly discover that there are dozens of tasks, reports and other information you need to process and use....
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Are You Controlling Your Business Costs?
As a business owner, one of your ambitions is to run a profitable business right? We can say that with confidence, because it is the mark of a business that is not only covering its costs, but actually making money too – a staple of a successful business. It’s a goal...
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VAT – Should You Leave The Flat Rate Scheme?
Let’s get something out in the open right now – VAT is not a scary word. VAT, or value added tax, is just another part of running a business in the UK. Most businesses in the UK who sell products have to be registered for VAT, and most who offer services as well too....
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Hook, Line & Sinker – How To Avoid The HMRC Phishing Scams
Ever since emails were first invented, phishing scam emails have been hot on their heels – with the first ever spam being sent in 1978! In fact, research says that around 48.16% of all email traffic worldwide is made up of scams, phishing emails and spam. And over so...
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