Benefits of having an accountant

Many small business owners think that they can save money by not hiring an accountant, and having the assistance of some software instead. Unless you have a background in bookkeeping and accountancy this can be an expensive mistake. ...

IR35 Reforms in the Public Sector

Since the introduction of the new IR35 reforms in the Public Sector in April, where agencies or the Public sector organisation decides whether a contractor is caught by IR35 or not, a number of recruitment agencies including Hays and ...

Budget 2017 Summary

The following are the main points of the 2017 budget affecting Small and Medium Sized businesses; – Class 4 National Insurance for the self employed to increase from 9 to 10% in April 2018 and a further increase to 11% in April ...

Confirmation Statement

From 30th June 2016 the Companies House Annual Return has been replaced by the confirmation statement. The confirmation statement is very similar to the Annual Return. Once a year every company must check and confirm the information ...

Sole Trader v Limited company

When you set up a business, one of the first decisions you will have to make is whether to be a sole trader or a limited company. A limited company is it’s own legal identity, so as a shareholder your liability is limited. A ...

Thinking of contracting?

One of the first and most important decisions for a contractor to make is whether to operate as a limited company or as an umbrella company. Operating through a limited company will have the highest percentage return of take home pay. ...

Director’s Loan Accounts- update

Back in July 2013 I wrote about proposed new rules for the treatment of overdrawn director’s loan accounts in an incorporated company. There were various options that the government were considering, as follows: Maintain the ...

Director’s Loan new proposals update

Recently I blogged about how an overdrawn director’s loan account is taxed for a close company. Announced recently are proposals to reform the rules. The four proposals for reform of the close company rules are: – Maintain the ...

Director’s Loan

If you have a limited company you may have heard your accountant mention a director’s loan account. This tends to be a confusing accountancy term that clients sometimes have problems understanding. The director’s loan account is not a ...