Blog
Accountancy and taxation can seem complex and perhaps even a little scary. But it doesn’t have to be that way. In a series of regular articles you will be able to learn more about various aspects of money management, business growth, cloud accounting and even taxation. If there’s a particular topic you’d like us to cover, email hello@accountancysolutions.co
Directors’ loan accounts: your company is not a personal cash machine
If you run your own limited company, it can sometimes feel like there is very little difference between you and the business.
You own the shares. You run the company. You make the decisions. The money in the bank ultimately comes from the business you have built.
But legally, your company is a separate entity.
That means the money in the company bank account belongs to the company, not to you personally.
And a recent High Court case has provided a useful reminder of what can happen when the line between personal and company money becomes blurred.
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What Happens if HMRC Opens an Investigation?
Receiving a letter from HMRC can be enough to make any business owner’s heart sink.
Whether you’re a sole trader, landlord or limited company director, being told your tax affairs are being reviewed can feel worrying.
The good news is that an HMRC investigation doesn’t necessarily mean you’ve done anything wrong.
In fact, many enquiries are completely routine.
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So, You’ve Started a Business… Now What?
Starting a business is exciting. Whether you’ve left employment to work for yourself, turned a hobby into a business or finally decided to take the plunge with an idea you’ve had for years, there is a lot to think about.
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10 Ways an Accountant Can Help Your Small Business
When you start a business, your accountant can be one of the most valuable people in your corner.
Of course, there is the obvious side of accountancy: keeping your books up to date, preparing your accounts, dealing with VAT and payroll, and making sure your tax returns are submitted correctly and on time.
But a good accountant should offer much more than that.
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Making Tax Digital for Income Tax: Your First Quarterly Submission is Due by 7 August
The first quarter under Making Tax Digital (MTD) for Income Tax has now come to an end for those businesses already taking part.
That means the first quarterly update is due to be submitted by 7 August.
If you’re one of the sole traders affected by MTD, don’t panic. The quarterly update is much simpler than many people expect, especially if you’re keeping your records digitally.
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Why Your Invoice Might Be Delaying Payment – Download Our FREE Invoice Checklist Today
You finish the work.
You send the invoice.
Then… nothing.
A week later you’re wondering why your customer hasn’t paid. Before you assume they’re deliberately delaying things, it’s worth checking one simple thing.
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The Hidden Cost of DIY Bookkeeping for Small Businesses
Many business owners try to save money by doing their own bookkeeping. Discover the hidden costs of DIY bookkeeping and how accurate financial records can help your business grow.
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Why Profit Doesn’t Equal Cash
A business can be profitable and still run out of cash.
Many business owners look at their year-end accounts, see a healthy profit, and wonder why the bank account doesn’t look nearly as healthy.
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Stop Flying Blind: Three Numbers Every Business Owner Should Know
Most business owners know roughly what’s in the bank, but that’s only part of the picture. Looking at three simple reports every month can help you spot problems early, improve cash flow and make better decisions.
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