Wrongful Trading: What It Is and How to Avoid It
Wrongful Trading: What It Is and How to Avoid It Wrongful trading, often known as “trading irresponsibly,” is a civil wrong covered by Section 214 of the 1986 Insolvency Act. As a result, industry professionals frequently refer to it as simply “Section 214.” The premise of wrongful trading is that a director of a UK […]
Understanding – And Using – a Director’s Loan Account
Understanding – And Using – a Director’s Loan Account If you own a business, you’ve probably come across the term “directors loan account.” Directors loan accounts (DLA) are one of the many tax provisions that you should be familiar with when you start a business of your own. That’s especially true of DLAs, as, if […]
Shares, Share Capital and More Explained
Shares, Share Capital and More Explained Setting up a limited company can seem like a daunting and confusing undertaking, and, as many new company principals discover, for lots of different reasons. Take share capital for example. When setting up a limited company, you’ll discover that you are expected to issue at least one share. However, […]
An Employer’s Guide to Unlawful Deduction of Wages
An Employer’s Guide to Unlawful Deduction of Wages Unlawful deductions of wages claims could be filed against you if an employee claims you illegally deducted money from their paycheck. What are your legal options if this happens, and how can you avoid future conflicts with your employees? That’s what we are going to take a […]
Tip Pooling, Troncs and a Fairer Workplace for Everyone
Tip Pooling, Troncs and a Fairer Workplace for Everyone Tipping dates from the 18th century, when customers in pubs would attach coins to notes handed to the barkeeper. The purpose of this monetary incentive was “to ensure promptness,” hence the term “TIP.” Tipping, like the industries in which it is found, has changed dramatically since […]
How the Employment Allowance Can Help Your Business Grow
How the Employment Allowance Can Help Your Business Grow The Employment Allowance – referred to, inaccurately, by some as the employer’s allowance – reduces the amount of National Insurance that businesses must pay by up to £4,000 per year, a possible real boon for a small business. Is it possible for your small business to […]
Everything You Need to Know about Micro-entity Accounts
Everything You Need to Know about Micro-entity Accounts A micro-entity (also known as a micro company) is a very small, privately held limited company. If you’re the director of a micro-entity, submitting micro-entity accounts to Companies House can save you time when it comes to preparing and filing your accounts. Micro-entity accounts are a simplified […]
Basic Guide to Benefits in Kind: What You Need to Know Now
Basic Guide to Benefits in Kind: What You Need to Know Now It’s possible that you’re receiving a benefit-in-kind if you receive any other benefits as part of your job in addition to your salary (BIK), or, if you are an employer you are offering them to your employees. You may – often rightly- think […]
Personal Service Company: What It Is and Why You Might Want to Form One
Personal Service Company: What It Is and Why You Might Want to Form One When then-Chancellor Gordon Brown used the phrase “personal service company” to introduce the well-known legislation IR35 in 1999, it caught everyone’s attention in the world of business (and especially accounting) There is no clear definition of a personal service company (PSC), […]
Credit Control – How to Get it Right Every Time
Credit Control – How to Get it Right Every Time One of the most important aspects of running a successful business is effective credit control. Your business’s cash flow can be severely impacted if money does not come in on time, and the resulting problems can quickly spiral out of control. Effective credit control is […]
