Home » Archive

Articles tagged with: accounts

headline, on the bridge, one offs »

[16 Nov 2015 | Comments Off on Buy To Let – new tax rules | ]
Buy To Let – new tax rules

Two new sets of rules come into force over the next few years.
No more “10% Wear and Tear” allowance
The allowance is being abolished. Starting on 6 Apr 2016, landlords who rent out furnished accommodation will no longer be able to claim the flat rate 10% allowance every year, and instead will be permitted only to claim the actual costs of like-for-like renewals and replacements.
Restriction of loan interest relief
Over a three year period, starting on 6 Apr 2017, the amount of tax relief you can claim for loan interest paid, will …

one offs »

[8 Nov 2013 | No Comment | ]
Should I dissolve my company or put it on ice?

Hopefully, running your own business has been a good experience. When business comes to an end, we know that the double barrelled question “should I dissolve my company or put it on ice” is often asked.
If you have finished with the company and no longer need it, then dissolve it. Keeping it will only add to your costs. A simple dissolution guide is here.
It is not possible to ever make a traded company become truly dormant again. There will always be things to do. A dormant company is one which …

annual »

[8 May 2011 | No Comment | ]

Nobody wants their accounts to be late, and nobody wants to be fined as a result.
In that respect we are just the same as you, but there is one fundamental difference!
In law the responsibility remains with you, the taxpayer, to get things done. And unless you can show reasonable excuse, then if your accounts are late and you get a penalty notice, you are the one who is going to have to pay it. Saying that “my accountant didn’t remind me” is not a reasonable excuse, and in any case …

routine »

[1 Jan 2011 | No Comment | ]

Business is business, and your clients know (just the same as you do) that if payments are not made properly, then the business relationship they have with you will ultimately die. Here are 5 key steps to help you ensure that things are kept under control.
1. Terms and Conditions. You need to manage expectations, and a properly drafted set of terms and conditions (T&C) sets the scene immediately. Don’t start work without one. It allows both you and your client to understand the roles and requirements of each party. It …

annual »

[7 Oct 2009 | No Comment | ]

You can link directly to this article using the short URL http://bit.ly/kGTvI

This article is a sub set of the Annual Accounts Checklist
Please read this article in conjunction with the annual accounts checklist. If you are a Sage user, then the steps you need to follow on your Menu are set out below. This summary was originally prepared in 2006. If you have a later release of Sage and we need to update this advice please let us know.
We prefer Adobe files with a PDF suffix from Sage.
Ensure that you are …

routine »

[19 Aug 2009 | No Comment | ]

You can link directly to this article using the short URL http://bit.ly/bjBCG

This article is a sub set of the Annual Accounts Checklist

Please read this article in conjunction with the annual accounts checklist. If you are a QuickBooks user, then the steps you need to follow on your Menu are set out below. This summary was originally prepared in mid 2008. If you have a later release of QuickBooks and we need to update this advice please let us know.
We prefer tab delimited files with a TXT suffix from QuickBooks. Each …

one offs »

[17 Aug 2009 | One Comment | ]

This page has moved to . . .
http://www.proactive.uk.net/?page_id=933

routine »

[2 Jul 2009 | No Comment | ]

This document was been superseded on 1 April 2011
For the latest checklist please visit . . .
http://www.proactive.uk.net/?p=1544

annual »

[22 Jun 2009 | No Comment | ]

This is a checklist for annual cases. The quarterly accounts checklist is here if you need it.
Bank/Finance House Items

Copies of all business statements on current accounts, deposit accounts and loan accounts. Copies of all business statements on credit cards, commercial cards and PayPal accounts etc.

Loan agreements for any new loans taken out during the year, showing (a) a simple analysis between the loan capital and the interest due and (b) a schedule of payment dates including any variations in the first or the last payment.

Book Keeper’s Reports

Trial Balance

Draft Profit & …

routine »

[12 Jun 2009 | No Comment | ]

How can I reduce my tax bill?

A few weeks before the end of your business trading year there are a number of measures which you may want to consider, to help minimise your tax liability.
Whilst these measure are intended to help reduce or postpone profits (and therefore taxes) you still need to bear in mind whether this is appropriate commercially. For example, if you are going to talk to the bank about a loan, then you may want to increase profits as opposed to reduce them! The point of this …