Pitfalls of starting a business with a friend
Starting out any business with a friend sounds like a good idea. You are both full of enthusiasm at the start. It is great to have company along the hard, difficult road to the launch…
Category: About Accounts and Tax
Self Assessment What is a payment on account – POA?
As part of your tax bill you may see an amount called a payment on account. This is an amount that you have to pay on account against the tax due in the current year. Often…
How to buy £300 of wine through your limited company TAX FREE
This corker (excuse the pun) of a tax loophole has just come to my attention. The new “trivial benefits exemption” introduced earlier this year means that, as a director of a limited company, you can…
Costs – Don’t Mix Business and Pleasure
All too often business owners find themselves in an accounting mess because they have mixed up their business and personal costs. I’d always advise keeping your business costs and personal expenditure completely separate from the…
Do you work at home? – Rent a room to your company!
If you operate a limited company and work at home, why not rent a room to your business? Then you can offset the rental against your business profits and reduce your overall tax bill.…