Company Formation

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Directors Loan Account

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

Company accounting period

Changing your company yearend

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