The Director Loan Account is the ledger that records money owed to each Director by the Limited Company or from each Director by the Limited Company. Money introduced – Any funds introduced to the Business as working Capital should be recorded to your Director Loan Account (DLA). This will be held on the balance sheet…
Have you decided to move Accountant and join us? Once you have decided to move, the onboarding process will begin as outlined in our onboarding guide.. Once the Engagement Letter has been signed and you have completed the required new client forms and AML checks, we will have formally onboarded you. We would expect that…
When Starting your business, there are many questions. One of the first is the best type of business to form. We will assume you have chosen a Limited Company if you are reading this blog… So where do you start? Here are some of the common queries or questions that we encounter with Startups. Should…
It is important to claim Tax Deductible expenses where possible and allowable. What tax deductible expenses can I claim through my Limited Company? Generally if a cost relates to the Business – It may be tax deductible. Any items relating to personal use or mixed use may be blocked or only partially allowable. These include…
If you employ staff or need to pay yourself as a Director, you will likely need to set up a PAYE (Pay As You Earn) Payroll scheme. This is needed to report your Real Time Information (RTI) Payroll information, Employer Payment Summary (EPS) and Full Payment Submission to HMRC to declare any tax or NI…
It is a legal requirement to automatically enrol employees in an approved Pension Scheme for Automatic Enrolment where their pay exceeds the Lower Earnings Limit. Automatic Enrolment Duties do not apply to Directors. Currently employees must contribute 5% of their salary and employers must contribute 3% of salary. Eligibility If employees are above 22 but…
Valued Added Tax (VAT) is a tax applied to the sale or purchase of goods, services and other taxable supplies. If you are VAT registered, VAT is charged on your sales and collected on behalf of HMRC. You are able to offset the VAT on your purchases before paying the balance over to HMRC. If…
You must diarise when tax is due to HMRC and ensure that funds are available to make the payment… Corporation Tax Return (CT600) If your taxable profits are upto £1.5m, you must pay your Corporation Tax within 9 months of the end of your Accounting period. If your taxable profits are over £1.5m, you must…
You cannot just withdraw money from a Limited Company as it is a separate Legal entity to you as an individual. Below are the main ways to withdraw money from your Business. Payroll – You need to set up a Payroll scheme to pay yourself a salary. This ensures that you are utilising your annual…
When approaching the end of your financial year, we recommend reviewing your records to plan for year end and see if any potential tax savings can be made by being pro active. This can be difficult if your records are not upto date, so we recommend keeping your records upto date and current to make…