Blog

A Director’s Loan Account (DLA) can be a useful tool for managing finances in a small business. However, it can also arise unintentionally and lead to unexpected tax implications if not handled correctly. In this blog we will explain what a Director’s Loan Account is, how it can be used, and the potential tax consequences,...

How As Small Business Owners We Can Prioritize Self-Care Amidst Numerous Responsibilities   Running a small business can be incredibly rewarding, but it also comes with its fair share of challenges. One of the biggest struggles for many small business owners is finding balance amidst the multitude of roles they play. From managing finances to overseeing...

10 legal ways to reduce your corporation tax bill    Whilst paying tax is a sign that your Limited company is profitable, not many business owners want to pay more tax than they must. And most business owners we work with are keen to discover legitimate ways to reduce their Corporation Tax bill.   Here are our...

Tax Returns: The Benefits of Beating the 31st of July Deadline  Yes, we know, the filing deadline for your tax return is 31 January, but in our mission to ensure small business owners are financially literate and confident in their business accounts, we aim to file all our clients tax returns before 31 July,  Here...

As a small business owner, you’re likely familiar with the idea that not all expenses can be claimed as tax deductions. HMRC (His Majesty’s Revenue and Customs) has a stringent set of criteria, including the “wholly and exclusively” test, which states that expenses must be solely for the purpose of the business. But what about...

As a small business owner, it is probably fair to say you have your fair share of self doubt and the odd crisis of confidence. Quite often referred to as Imposter Syndrome, we asked Lisa Hardy of Confidence and More to explain  what it’s all about. Imposter Syndrome: “the persistent inability to believe in one’s...

For small business owners, few challenges loom larger than their business bank balance. For many business owners, its not just a number on a screen, but a reflection of their performance and the difference between success and failure.  Understanding the levers that effect your bank balance and how you can impact them is vital for...

It is not uncommon, for a new business owner to incur costs ahead of trading through their new business including set up costs, professional advice, and even new equipment. It is also very common for business owners to use previously personally owned assets in their business. The question is, do any of these costs qualify...

Bookkeeping and accounting are crucial aspects of running a successful small business. However, many small business owners struggle to manage their accounting tasks, leading to costly mistakes that can impact business operations and financial health.  The risk of making accounting mistakes is high given the number or rules and deadlines that are involved.  Failing to...

Today, Jeremy Hunt delivered his 2024 Spring budget, stating that the UK economy has dealt with the financial crisis, the pandemic and energy crisis caused by war in Europe. He acknowledged that interest rates “remain high as we bring down inflation” but added “We can now help families not just with cost-of-living support but with permanent...