Whilst entering all purchase invoices into the accounting software is necessary, there are several downsides to this process. It is labour intensive – many invoices these days arrive in an electronic format – as a PDF attached to an email…
What is a director’s loan account?
If you are trading through a limited company, the chances are that there will be a director’s loan account with the business. It is a record of how much money you have lent to your company (which is owed back…
“Casual Labour” – despite what the man down the pub says – it cannot be done!
When you employ casual workers, even for a short period, you need to be careful with their pay. Get it wrong and you could end up footing the tax and NI you should have deducted. HMRC used to be reasonably…
Business Mileage claims (and VAT)
Business mileage claims are often processed incorrectly. Fuel may have been passed through the company records, ostensibly for business use. However, the “correct” way is to claim a mileage allowance. This is at a rate of 45p per mile (if…
