All posts in Accounting

The Basics of Limited Company Tax As a new business owner of a limited company, understanding Limited Company Tax plus any tax obligations is critical to your daily operations. When setting up your limited company you will encounter various types of tax, however don’t let dealing with these deter you. Owning your own company can […]

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How to stay on top of your business finances One of the biggest headaches that many business owners come across is managing to keep on top of their finances. Business owners can find it extremely stressful managing the company finances, as their financial position, really can be the making or breaking point for many small […]

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Limited companies – what is share capital? So, what is shared capital within a limited company? Well, the easiest way to explain it is that it is the amount of money that is invested by the business owners which are exchanged for shares of ownership, typically the Company Directors will be shareholders in their business. […]

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Another self assessment year finished on 31 January (final online submission date for the 2016/17 tax year) and HMRC has released its figures. 11,433,349 tax returns were due to be filed by midnight on 31 January and 10,637,761 (93.0%) were filed in time. There are around 745,588 self assessment tax returns still outstanding and if […]

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Scottish Budget 2017 Finance Secretary Derek Mackay delivered the 2018/19 Scottish Draft Budget on Thursday 14 December 2017 setting out the Scottish Government’s financial and tax plans. The announcement had been timed to take place after Chancellor of the Exchequer Philip Hammond delivered the UK Budget on 22 November 2017 in order to avoid ‘fiscal […]

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So, an accountant and a bookkeeper are basically the same thing, right? Wrong. However, if you thought this was the case, don’t be sitting there red-faced. The two professions are often confused as being the same thing due to them sharing some similarities. Despite these similarities though, there are also many differences. Bookkeepers and accountants […]

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There is not much difference between the two.  Many companies that go into liquidation are insolvent, apart from those companies placed into Members’ Voluntary Liquidation.  To understand the differences between the two, we should first look at the definition of insolvency: ‘insolvency is the situation where an entity cannot raise enough cash to meet its […]

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Some would rather stick with what they know, or whom they know, when it comes to accountants.  They may feel a sense of loyalty, or obligation to stay put, even if it’s not the best deal for them. When investigating reasons behind people staying with their first choice of accountant, the same justifications come up. There are four common reasons people […]

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Are you part of a limited company distributing dividends to shareholders?  If so, there may come a time when one or more shareholders choose to wave their rights to their share.  Although this is perfectly acceptable, there are steps to follow so that HMRC does not view the waiver as tax avoidance. How does a […]

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Your limited company travel expenses As an owner of a limited company, travel expense costs will arise from commuting to meetings, conferences, events, or any other business activities. The costs incurred can be paid for by your limited company, or claimed back after the excursion. Eligible travel claims through your Limited Company Travel between your […]

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