When does my company year start?

The first day of trading for a limited company is the day the Company was set up. The company’s accounting reference date is automatically set as the end of the month the company was set up. For example, a Company was set up on the 20th July 2016. The first accounts need to be prepared […]

What should my limited company’s registered address be?

It is the address where all official documents are sent with the guarantee that the directors will see them. The registered office address needs to be: In the country that your business is registered in A physical location that can be visited If the business doesn’t have it’s own premises, you can use your home […]

What items should I list as expenses?

HMRC allows revenue expenditure to be deducted from your income only if it is wholly and exclusively for the purposes of your business. Examples include: Office costs- Stationery, phone bills Travel- fuel, parking, train or bus fares Clothing expenses- uniforms, protective clothing Staff costs- Wages, salaries, subcontractor costs Stock and raw materials Financial Costs- insurance, […]

What is the London Gazette?

The London Gazette is one of the official journals of record of the British government, and the most important among such official journals in the United Kingdom, in which certain statutory notices are required to be published. The London Gazette is published each weekday, except for Bank Holidays. Notices of corporate and personal insolvency information […]

What is a legal charge?

A legal charge is the right that an organisation that lends money, has to take someone’s property, if that person does not pay back the money they borrowed to buy the property.

Does an accountant have to check my accounts?

No, businesses can, if they choose, do the accounts and various tax returns without an accountant. There is no legal requirement to have one. However, this is only advisable if you are confident with all the tax and accounting rules, regulations and laws that you need to comply with. As a business becomes more complex, […]

Should I always keep receipts?

You need to keep proof that your purchases are genuine business expenses. Proof can include receipts and bank statements. Electronic copies can be made. If you are VAT registered You must keep all invoices for items you buy. If you are claiming VAT the invoices must contain all the information required by HMRC to be […]

What information is included in my accounts?

Sole Trader A summary of business income and expenses is included in your accounts. This is traditionally done by recording income and expenditure by the date you were invoiced or billed. The cash method can be used for businesses with an income of £150,000 or less, where you record income or expenses when you physically […]

How often do I have to do my accounts?

Sole Trader Sole trader accounts need to be filed every year on your Self Assessment tax return. You will have to pay Income Tax and National Insurance contributions on your profits. Your Self Assessment tax return will need to be filed by the end of January following the end of the tax year in which […]