When onboarding a new customer and offering credit terms, make sure you have details of the person to contact about payment. Always send a statement electronically at each month end (if monthly terms). This should be easy with modern software. Delegate someone...
Big change to Company Law on the horizon The white paper on reform to the Company Register, sets out a series of adjustments for businesses for 2023 to “safeguard our national security and reduce the economic and social costs of fraud,” the white paper laid out that...
Furlough claims – Ooops! Many businesses have inadvertently made errors in their furlough claims and a small number have knowingly over claimed. HMRC say they are not writing anything off and have legal powers to recover this money up to 20 years after the event....
WHAT IS A DIRECTOR’S LOAN ACCOUNT? If your business is set up as a Company rather than a Sole Trade or Partnership, it is important to remember that the Company is a separate legal entity. It is “Corporate” from the Latin “corpus” meaning body and has its own legal...
Interest rate conundrum… We have probably forgotten how exceptional the low interest period from 2009 to 2021 was. The Bank of England chart below brings it home. Before the 2008 financial crisis, interest rates were around 5% which was needed to control...
Most small companies (thought to be six million) pay their owner-managers a basic salary through PAYE and a chunk of the profit by way of a dividend. Accountants, including my company, usually advised their clients to remunerate themselves this way over the last...
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