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13 May 2022

Should I take the directors loan? And how should I treat them in my accounts

In simple words the directors loan is a loan that a director takes from its company (which is a separate legal entity). Since it is a “loan” the director has to return it to the company therefore a directors loan would be any money that the director is taking out from the company for personal use. It is not the salary, a dividend or an expense repayment. This also has nothing to do with the money you have previously paid into or loaned the company.

03 May 2022

Accountants in Croydon

You need an accountant not only because they will do your accounts but having an accountant who is dependable can actually make your life easy.

25 Apr 2022

4 things you should consider while choosing the company structure of your property business

If you run a property business you have 2 options to consider: you can either run as a sole trader or you can incorporate your property business. It depends on what tax band you fall into, how much cash you have and how much cash you want to keep in a certain period.

05 Apr 2022

Increase in National Insurance. How will it affect me?

If you are an employer running a payroll for your employees make sure that you pay income tax and National Insurance on their behalf. Make sure that you are well aware of the changes in the NI rates that are due this year to avoid any costly mistakes.

23 Mar 2022

I have inherited a property. Should I pay Capital Gains Tax on it?

Capital gains tax is the tax which you pay when you sell a property which has increased in value from the time you bought it and you have made a gain.

10 Mar 2022

What do landlords need to do for MTD for income tax?

The landlords whose income from the properties for example if their rental income exceeds £10 000 per year, they are required to switch to MTD for their income tax reporting. From April 2024 it will be mandatory for all the individuals who are currently using self assessment.

21 Feb 2022

4 reasons why you should incorporate your property business

When we are in any kind of a business we are looking for ways to save taxes.Tax is a cost which cannot be avoided but there are ways to reduce the taxes we pay.

14 Feb 2022

Best accounting firms in Croydon

What to look for in an accountant when choosing an accountant for your company.

07 Feb 2022

When do I need an accountant for my startup business?

You are starting a business because you have a brilliant idea which you want to commercialize. You should know that business is not only about ideas. You cannot succeed as a businessman if your targets are not achieved and the target of a business is to make profits. That is why you need an accountant - to maximize your profits.

01 Feb 2022

Do I need a cashflow forecast for my startup?

If you are self-employed or an incorporated company it's very important that you stay on top of your finances.

26 Jan 2022

What will be the consequences if I delay my self assessment tax bill?

Keeping in mind the increased pressures on the taxpayers as well as agents due to this new strain Omicron HMRC decided to waive the self assessment tax penalty.

29 Nov 2021

Employee shareholder - What tax advantages do I have?

An employee shareholder is an employee who owns shares in the company that were worth £2000 when they got them.

Please see the Taxaccolega Chartered Accountants blog archive.

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