What is Director’s Loan? As a limited company director, the funds you withdraw from the company may be treated as a loan to you from the company; this is a Director’s loan. All such transactions have to be recorded accurately under a Director’s Loan Account (DLA).HMRC simplifies the definition as any money taken from the …
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VAT – Basic Guide for a Small Business
VAT – Basics for small businesses VAT has only been in force since 1973 however it remains one of the major sources of tax for the Government. But what does this tax mean for a small business especially if it is in early stages and VAT registration is not compulsory. Unless you are an accountant …
Starting a new business.
Small Businesses contribute significantly to the UK economy and almost 10,000 businesses are set up every week, yet, starting a new business remains one of the most complex and daunting prospects for most. Perhaps, that’s the reason for almost 60% of the businesses failing within the first year.We believe this is due to lack of …
Making Tax Digital – Are you ready?
What is MTD? HMRC’s reporting initiative, originally announced in 2015, is set to modernise the UK Tax System by 2020, by enhancing the use of digital financial data.Millions of businesses and individuals will have access to their respective Digital Tax Accounts, bringing all their taxes in one place, providing live data with options to make …