Things that a director should know

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Starting up a limited company is an exciting time – it’s a big step for you and your business. It is easy to get carried away in the excitement and not take in all of the things you are required to do to be compliant with all the company and tax laws, and it is possible you might miss opportunities … Read More

Xero: Account Categories (Chart of Accounts)

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When you are reconciling your bank account on Xero you will be attaching a category to all of your income and expenditure. Sometimes it will be obvious what category the transaction should be assigned to, sometimes it will be less clear. The first thing to do would be to ask your accountant to suggest whether any of the currently existing … Read More

Accounting issues for driving instructors

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Where we have many clients in one sector, I’ve tried to write blogs tailored to their specific situation. If you’re not a driving instructor, this may be of minimal interest to you! Self-employment Most driving instructors will be self-employed. I have written about self-employment in general here which I can recommend reading. This blog then picks up on specifics that … Read More

How to get proof of your income

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Sometimes it may be necessary to prove your earnings. The most common reasons for this will be applying for a mortgage or loan, of if you have suffered loss of earnings. Obviously the exact requirements may vary depending on your situation, but hopefully the information below will help to provide a guide for you. Employment income If all of your … Read More

VAT Basics: Part 3

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In part 1 of this series, we discussed the mechanics of who pays VAT. Part 2 discussed when you need to register, whether you might choose to do so voluntarily and the different rates of VAT. In the final part, we are going to discuss your obligations, record keeping and how to process VAT returns. Invoices The first thing to … Read More

Understanding National Insurance

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National Insurance is collected by HMRC to provide state support for the sick, the unemployed and the retired. One of the main reasons you may want to ensure that you have made enough National Insurance contributions is to ensure that you qualify for, or to maximise your State Pension. It is possible to get National Insurance credits so that if … Read More

How to pay your PAYE bill

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If you run a PAYE payroll within your company, you will need to deduct any National Insurance (NI) contributions made by your employees, along with any Income Tax that they may have to pay from the amounts that you pay to them, and instead pay it directly to HMRC. On top of this, if you are liable for any Employers … Read More

What to do when you become self-employed

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People can become self-employed for many reasons. Sometimes it is a long-term career plan that they have accomplished, sometimes it happens by chance – such as a redundancy forcing you to make alternative plans, and sometimes it is an accident – for example applying for a job and realising they want to take you on as self-employed rather than through … Read More