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Empowering small businesses, for lasting success.

How to Handle Director’s Loans

A director’s loan is when you (or other close family members) get money from your company that is not: a salary, dividend or expense repayment money you’ve previously paid into or loaned the company Records you must keep A director’s loan account is usually used to keep track of money that you borrow from or…
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How to reclaim VAT for your business

As a business owner, paying VAT is just something you ‘have to do.’ You will pay VAT on the majority of goods and services you purchase in the running of the business. And, as most goods and services attract VAT at 20%, that’s a big cost to your business. But VAT is designed to be…
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Making Tax Digital: What You Need to Know for Compliance

Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for Making Tax Digital for Income…
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Making Tax Digital 2023/2024: Everything You Need To Know

Did you know that since 2019, the vast majority of VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) have been asked to keep digital VAT records and send returns using Making Tax Digital (MTD)-compatible software. From April 2022 these requirements will apply to all VAT-registered businesses. There will be a requirement to…
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How To Pay Your Self-Assessment

This week’s post is all about paying your self-assessment tax return, and what you can do if you cannot pay it as soon as you file your return (before 31st January) You’ll get a bill when you’ve filed your tax return. If you filed online you can view this: when you’ve finished filling in your…
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The Ultimate Guide to Employer Expenses and Benefits

Are you an employer and you provide expenses/benefits to employees or directors. Here is some advice, you might need to tell HM Revenue and Customs (HMRC) and pay tax and National Insurance on them. Examples of expenses and benefits include: company cars health insurance travel and entertainment expenses childcare Reporting and paying At the end…
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How to Claim Capital Allowances Like a Pro

Writing down allowances When you buy business assets you can usually deduct the full value from your profits before tax using annual investment allowance (AIA). Use ‘writing down allowances’ instead if: you’ve already claimed AIA on items worth a total of more than the AIA amount. the item does not qualify for AIA (for example,…
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Small Business Payments on Account

Managing your taxes as a small business owner can feel overwhelming, especially when dealing with payments on account. In this guide, we’ll explain what payments on account are, address common questions, and help you understand this important part of tax management. What are payments on account? Payments on account are advance payments towards your self-assessment…
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How to secure the right accountant for you

Top tips for choosing an accountant Once you’ve decided it’s time to hire an accountant, the next step is to choose which accountant to hire. It’s important to take the time to do this carefully, and there are a few things you’ll want to consider first. You’ll need to think about things that are important…
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Payroll and Pensions – Benefits for Limited Companies

If you’re a director of a limited company, you can contribute pre-taxed company income to your pension pot. What’s more, because an employer contribution counts as an allowable business expense, your company will also receive tax relief against corporation tax. Can I contribute to my pension via my limited company? Yes, in fact, pension contributions…
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