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…
GET RID OF “PETTY CASH” – USE PREPAID DEBIT CARDS
“Petty Cash” is one of those areas that can take an inordinate amount of time to deal with – and has an inherent risk. The new generation of company prepaid debit cards takes away the risk and the paperwork. Your…
Making tax digital for VAT
Is your turnover over £85,000? You NEED to keep Digital Records and submit VAT returns through a different gateway to HMRC starting from April 2019. From April 2019 all VAT registered businesses and organisations with taxable turnover above the VAT…
Making tax digital for VAT is on its way!
VAT From April 2019 all VAT registered businesses with turnover above the VAT threshold will be required to maintain digital records and will need to send their VAT information to HMRC using third party commercial software. HMRC’s online portal will…
Phishing emails – apparently from Xero
We’ve had some phishing emails which appears to be from Xero. This sort of email, when it lands in the inbox of a Xero user, can be particularly effective as it can catch you when your guard is down and…
A case study – business transformation
We were recently approached by a company for assistance with their accounting. They were behind and struggling…. In the initial FREE meeting we identified a series of cost effective measures that would transform in a very short time how they…
