Accounts for a Limited Company have to be filed at Companies House 9 months after the end of the financial year - unless it’s the first year when the filing deadline is 21 months after the date of incorporation. Often this is sufficient time to get things in order, do the necessary bookkeeping and file the accounts at Companies House. However sometimes people find … [Read more...]
8 top tips for your self employed tax return
Completing your self employed tax return can be a bit of a pain at times. Here’s some quick tips to make the whole process a little easier. £1,000 registration limit If your income from your business is £1,000 or less, under the Trading Allowance rules, you do not need to inform HMRC that you’re self employed. Trading Allowance rules instead of recording costs For … [Read more...]
Limited Company – How to calculate working from home expenses
Emily Coltman from FreeAgent explains how to calculate the cost of using part of your home as your office, if you are a director of your limited company. This blog has been provided by FreeAgent. View the full image at FreeAgent … [Read more...]
Make sure you Christmas Party is tax deductible!
Is it too early to mention the "C" word? Hopefully it's not too early for us to share our advice on how to make sure that your Christmas Party is allowable for Tax. Follow these simple rules (applicable to Limited Companies only): The party or event needs to be open to all employees It is an annual occurrence but doesn't have to be at Christmas … [Read more...]
3 EASY and CHEAP ways to keep your accounts
Staying on top of your finances is super important when you’re self employed either as a sole trader or a director of your own limited company. You need to know if you’re making a profit, how much you need to put aside for tax and what’s left for you to take out of the business. The only way you can achieve this is by keeping your accounts up to date, also known as … [Read more...]
Quick Tax Tip – Avoid making an illegal dividend
When you make a dividend payment from your limited company you need to ensure that you’ve sufficient funds available to do so. Otherwise the dividend could be “illegal” which could cause a number of issues later down the track. How to work out your dividend To establish if you can pay a dividend and how much you can take there are some very simple rules to … [Read more...]
Helpful checklist if you want to do your company accounts yourself
With a plethora of information available on the internet many owners of their own Limited Company attempt, along with the use of Cloud Accounting software, to prepare and file the year end accounts and Corporation Tax Return (known as the CT600) themselves. Whilst this in theory is entirely possible caution should be exercised. The accounts do need to be complete and … [Read more...]
Key tax and accounting legal responsibilities when you’re a company director
When you set up a limited company – whether you were aware of it or not – as a director you took on a wide range of legal responsibilities, many linked to tax, accounting and financial record keeping. So, what are some of those key responsibilities and what do you do to ensure compliance? 1 Confirmation Statement Every company, whether trading or not, must file a Confirmation … [Read more...]
13 things you should know about an SPV for a BTL
1) An SPV is a Special Purpose Vehicle 2) A BTL is a Buy to Let property 3) BTLs became less attractive after two tax changes: 1) the increase in stamp duty on second properties and 2) interest on mortgage & loans being disallowed as a cost against buy to let income for those who are higher rate tax payers 4) As a result of the tax changes, financial … [Read more...]
Travel and subsistence: how much can your limited company claim?
Whether you’re a freelancer, contractor or a small business owner, you may be called upon to work away from your normal base, occasionally or frequently. This will create travel costs for your business, while you’ll also need to feed yourself. But, what are the rules when it comes to claiming for such costs? What travel and subsistence costs are allowed? To be able … [Read more...]
What you need to know about the Trading Allowance for the self employed
With the intention of making life simpler for the self employed (those operating their own business as a sole trader) the Trading Allowance was implemented in April 2017. What is the Trading Allowance? The Trading Allowance is a form of Tax Relief. Whilst introduced with the intention of making life simpler for small earners, any relief brings with it the added … [Read more...]
Basic accounting tips for small limited companies
There are about 5.7m SMEs in the UK, according to government figures. Although most (3.4m) are sole trader businesses (AKA people who are self-employed) and 405,000 are ordinary partnerships, there are 1.9m private limited companies, about a third of the UK’s total business population. When they start a business, for various reasons, many people choose to set up a … [Read more...]