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 »

What’s my director’s salary for 2017-18?

What’s your magic number? Last year it was £671 or £916, but what are the magic numbers going to be this year? If you have a limited company you might recognise your director’s salary figure from last year. Now that Spring is in the air and the daffodils are blooming, it must be time for the… Read more »

How do I prove my self employed income for a mortgage?

One of the downsides to being self employed is when you come to get a mortgage. For someone who is employed, it’s generally easy to get a decision in principle and proof of income is often a matter of producing past payslips. When you are self employed (whether as a sole trader or a limited… Read more »

New trivial benefits in kind exemption is not so trivial

We have a limited company client who are basically a lovely employer. They often give their employees little treats and perks and generally make the company a great place to work. Then we come along with our accountant’s head on and start quizzing them about the minute details of each expense to try and determine… Read more »

I’ve heard that travel and subsistence expenses are changing?

In summer 2015 HMRC held a consultation on Employment Intermediaries and Tax Relief for Travel and Subsistence. This dry sounding title was enough to strike fear into many hearts. The consultation was looking at who should be eligible for travel and subsistence expenses, focusing those who are employed through an intermediary such an agency, umbrella… Read more »