Posts Tagged: profit

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 »

What expenses can I claim for my business website?

When was the last time you used a phone directory to look for a business or service? If you’re anything like me, it’s just easier to Google for the information and take a look through the websites that are returned. A business that doesn’t have a website is much less likely to get my custom,… 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 »

Should I do my own bookkeeping?

Should you do your own bookkeeping? With some many user friendly accounting packages on the market these days, is it worth paying someone else to do it for you? The government’s recent Making Tax Digital changes mean that eventually, almost every business (whether sole trader or limited company) will have to start submitting their data… 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 »

Why do my accounts show different types of profit?

Your accountant sends over your annual accounts and you open them in anticipation, your eyes scanning down the page for that all important figure. How much profit did I make last year? But wait a minute, there are two profit figures, maybe even three or four. Which profit figure should you be looking at? As… 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 »