Often when we go through a set of accounts with a client, one of the areas that causes the most confusion is the Director’s Loan Account. What’s is a directors loan account? Directors’ relationships with their own company are unique because they are in the privileged position of being able to influence their company’s actions and activities in a way that others such as employees, suppliers and customers cannot. Therefore, a director loan account is set to record and manage the transactions between
The usual yearend date (Accounting reference date) of a company will come on the last day of the month that it was registered with Companies House. For example, a company that was incorporated on 8th November 2015 will has a yearend date of 30th November. Therefore, the company first yearend will come on 30th November 2016. The yearend will then fall on this date each following year, except if the owners choose to change it. Any adjustment of the yearend
If your personal tax bill for last year was above £1,000 then it’s time to make the second payment on account for the 2017-18 tax year which is due to be paid to HMRC by 31 July 2018 – the first payment on account was due by 31 January 2018. HMRC requires taxpayers to make a payment on account, it’s 50% of your tax due for the current year paid in 31 January 2018, and another 50% on 31 July 2018.
Improving your personal wealth is usually the number one reason for starting your own business. So too is the desire to spend more time with your family. Today you will discover how to do both by creating a personal balance sheet – an important task which will shape your journey as a business owner. In order to improve your personal wealth, you need to know what you have and where you want to finish. When you have that starting point you can quantify
Businesses are like people. As time goes by, they change and evolve because they are influenced by the environment in which they operate. Is it for the better? Sometimes it is… but not in all cases. Here at Northern Accountants, we know there are things we did in the last 12 months that we could do much better next year. There are also some aspects from when we first started trading in 2007 that were better than last year. How do we know
Here are two main reasons why business owners need to be aware of the significant Flat Rate VAT changes for 2017:You may need to pay HMRC more VAT You could end up with a hefty VAT bill at a later dateThis is why it’s important for anyone who owns a business to FULLY understand the complex Flat Rate Scheme (FRS) changes which came into effect from 1st April 2017. The Flat Rate Scheme explained The FRS was designed to simplify the recording of