If you have to wait 30, 60 or even 90 days for your invoices to be paid but have the likes of staffing and material costs to pay out in the meantime, cash flow is probably not your friend. Over two thirds of businesses suffer some form of cash flow problem throughout their existence, whilst managing it is usually listed within the top 5 mistakes any small business can make.
Most of you will no doubt have heard of ‘invoicing financing’ but ...
Not to be confused with the annual accounts or tax return, an annual return is basically a snapshot of the general information about a limited company.
Each limited company must submit an annual return to Companies House at least once every 12 months. It must be filed within 28 days of either the original incorporation date or the date the last return was filed.
The return should include information regarding the directors, secretary, registered office, shareholders and share capital. Once submitted, it’s visible ...
The introduction of the NIC Employment Allowance last year added an extra dimension to remuneration planning for small limited companies. In a nutshell, employers can reduce the amount of National Insurance contributions they pay for their employees (more commonly known as Employers NIC) by up to £2000 per annum.
In years gone by, directors would tend to pay themselves at a level below both the tax and National Insurance thresholds, extracting anything further by way of dividend. However, with the EA now ...
So, what exactly is a Directors’ Loan Account (or DLA for short)?
If you want to get all technical about it, it’s a creditor account that forms part of the balance sheet within the accounts. In my easy speaking world, it’s a special little pot that houses all transactions between a director and the company.
The company needs some funds to help it through a sticky period. The director decides to lend the money to the company (say £5k). This £5k gets ...
It’s been a long time coming but Platform Accounting’s new website is finally here. For your benefit I’ve introduced a Knowledge Base that will be updated regularly with help files and answers to common questions and this blog, where I’ll answer your individual questions.
I’m also pleased to announce that Platform has partnered with Clear Books to provide you with a simple, efficient and secure bookkeeping interface. Accounting just got a whole lot easier folks!
But before I give you the rundown of ...