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Keeping Business Records

Keeping Business Records

Keeping Business Records

You must keep records of your business income and outgoings for your SELF ASSESSMENT RETURN if you’re self-employed as a:sole traderpartner in a business partnershipAs a nominated partner you must keep records for the partnership itself.Records you must keepThe records you must keep depend on whether you’re using:traditional accountingcash basis or simplified expenses schemes – [...]

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What records should be kept for a Ltd Company?

What records should be kept for a Ltd Company?

  You must keep:records about the company itselffinancial and accounting records  You must keep details of:directors, shareholders and company secretariesthe results of any shareholder votes and resolutionspromises for the company to repay loans at a specific date in the future (‘debentures’) and who they must be paid back topromises the company makes for payments if something goes [...]

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How much should I pay myself as a company director?

How much should I pay myself as a company director?

Tax Rates – 2013/14The 2013/14 tax year starts 6th April, and there are changes to the tax and NI rate bands and limits. Directors may need to make some changes to their salary withdrawal in order to take advantage of the new rates and limits.The basic personal allowance for PAYE has increased to £9,440, HOWEVER, [...]

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What is a Directors Loan Account?

What is a Directors Loan Account?

If you’re self-employed you can take business money out of your bank account at any time and use it as your own. The money is yours whether it’s from a separate business account or from a combined business-personal account.However, if you’re a company director (or other participator of a close company) and take money out [...]

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What is a Dividend?

What is a Dividend?

  A dividend is a payment a company can make to shareholders if it has made enough profit.You can’t count dividends as business costs when you work out your Corporation Tax.Your company mustn’t pay out more in dividends than its available profits from current and previous financial years.You must usually pay dividends to all shareholders.To pay [...]

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What is an Online Accountant?

What is an Online Accountant?

Online Accountants offer the same services you would expect from a traditional accountant. Online Accountants simply utilise modern technology which enables all tasks to be completed “online”. Examples of “Online” working methods  : Cloud Software Bookkeeping can be completed using “cloud” software such as Xero, Clearbooks & Kashflow to name a few. Cloud accounting software [...]

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