All posts in Accounting

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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What services can an accountancy firm provide for your limited company or small business? Are you a limited company considering using qualified accountants to manage your accounts, tax returns, VAT and more; but you are unsure of the services they will provide? Then look no further. This article will provide you with all you need […]

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1. What is “Making Tax Digital” Making tax digital was an initiative introduced by the government in the March 2015 Budget and was heralded at the time as the “death of the tax return”. It is the biggest shake up in the tax system since self assessment was introduced 20 years ago and is probably […]

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