Posts Tagged: director

Should I buy a car through my business?

Are you thinking about getting a new car? Maybe the old one has given up the ghost and it’s time for an upgrade? If a new set of wheels is on the cards there lots of options to consider, buy outright, buy on finance, new or second-hand. Another factor in the equation is your business…. Read more »

Don’t let your balance sheet be an ugly duckling.

I always feel like the balance sheet is the ugly duckling of the accounts. The bold and brash profit and loss account gets all the glory while the poor old balance sheet is ignored and misunderstood.  It’s time to bring the ugly duckling balance sheet out of the dark corner, dust it off and show… Read more »

Where do I find my yearly income figure?

It’s Tax Credits Annual Review time again! What was your yearly income? You have all your financial documents in front of you but there are so many figures, profit before tax, profit after tax, not to mention dividends! Which one do you need? Whether it’s for tax credits or a mortgage application, when you work… Read more »

Can I donate to charity through my business?

As business owners, myself included, we’re often focussed on growing sales and increasing profit, but sometimes it’s good to give as well as to receive. If you’re feeling inspired to give something back, can you donate to charity from your business? The short answer is yes – whether sole trader, partnership or limited company, you can… Read more »

Annual confirmation statement, annual accounts – what’s the difference?

Can you tell your annual accounts from your annual confirmation statement? They sound similar but in fact they’re quite different. What’s required, what are the deadlines and do they apply to sole traders as well? The annual accounts Let’s start with the easy stuff, the annual accounts.  Both sole traders and limited companies prepare annual accounts and file… Read more »

Can I claim mobile phone expenses from my business?

In the good old days of the landline, sorting out phone expenses was simple, business landline at the office for business, home landline for personal. In the modern days of the smartphone, things are much less clear cut. Few people want to carry around two mobiles, one for business and one for personal, it’s much… Read more »

Dividends for directors are changing

From April 2016 the way in which your dividends are taxed is going to be changing significantly. It will affect the tax that you pay in order to take profit out of your limited company. This change was announced in the July 2015 budget and became part of the 2015 Finance Act. How do things… Read more »

What business clothing can I include in my expenses?

If you are going to dress for success in your business, then surely it is a allowable business expense? Unfortunately not. This is an area that causes a lot of disappointment for our clients as HMRC are very strict about what clothing is allowed. You will probably be surprised by how little business clothing you can actually include. Why… Read more »

What is the director’s loan account?

If you have just started up a limited company, the director’s loan account can be one of the trickiest concepts to get your head around. But I promise you it’s not impossible. It is necessary in understanding how you relate to your company and more importantly, how you can get at your lovely profits. What isn’t a director’s… Read more »

How do I take the profit from my business?

Your business is in profit, fantastic. Now you want to be able to use some of the money. How do you take profits out of your company so that HMRC stays happy? 1. Profit from Self Employment (or Partnership). This is actually quite straightforward, for an accounting concept! If you are self employed then you… Read more »