Taxes can be a daunting subject for many limited company owners, especially those who aren’t financial experts. However, tax planning is a critical component of effective financial management for your business. In this post, we will simplify the essential tax planning strategies and provide guidance that can be easily implemented, regardless of your financial background. …
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In today’s fast-paced digital world, businesses are constantly seeking ways to streamline their operations, increase productivity, and enhance their overall efficiency. Fortunately, the advent of mobile applications has revolutionised the way businesses function, offering a wide range of tools and services at their fingertips. In this blog post, we will explore five essential apps that…
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Running a business in the UK is an exciting adventure filled with endless possibilities. Managing your expenses can be a game-changer for growth and success. Business expenses are the costs you have while running your operations, like office supplies or marketing expenses. In this blog post, we’ll explore the importance of managing your business expenses…
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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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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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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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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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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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Cash basis is a way to work out your income and expenses for your Self Assessment tax return, if you’re a sole trader or partner. Why use cash basis If you run a small business, cash basis accounting may suit you better than traditional accounting. This is because you only need to declare money when…
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We are back with another post that will surprise you. Are you claiming for capital allowances correctly? You can claim capital allowances on items that you keep to use in your business – these are known as ‘plant and machinery’. In most cases you can deduct the full cost of these items from your profits…
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