ABC Accounting Services Archives - ABC Accounting Services

What You Need To Know About Directors Loan Accounts

March 14, 2019 | No Comments

Most business owners first learn about Directors Loan Accounts is when they’re sat with their accountants to discuss their Ltd Company year-end accounts. It’s not something that is always discussed. If you’re unsure about them and need a little more information, hopefully, this article will answer some of your questions. Directors Loan Account Simplified Put simply, a Directors Loan Account is a record of how much money your limited company owes you or that you owe your company. It shows the amount left for you to withdraw free of tax from your company, or if you’ll need to reimburse if
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The Gender Pay Gap: What The Companies Getting It Right Are Doing

February 7, 2019 | No Comments

In April 2018 all UK companies who employed 250 or more employees had to publish statistics revealing their gender pay gap. This movement saw a flurry of headlines highlighting companies with large pay gaps and what they should do to narrow them. Initially, more than ¾ of businesses were paying their male members of staff more than female employees. Some of the worst perpetrators had a gender pay gap of over 80%. Some of the biggest companies in the UK showed that their gap was over 3 times higher than the national average. At the time this was 18.4% for
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The Struggle For Millennials With Personal Finance

January 31, 2019 | No Comments

Research indicates that those from the millennial generation aren’t as financially literate as those from previous generations. They are however more likely to use the latest financial technology. The millennial generation is perhaps most famous for being technological. By 2025, the workforce will be made up primarily (75%) of millennials. The issue is that the millennial generation is showing signs of struggling to understand the most basic financial language. Could it be the job of accountants to aid them in understanding finances and in turn manage them more effectively? “Only 8% of millennials demonstrate high financial literacy” Lack of understanding
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What To Include In Your Limited Company’s Invoices

January 10, 2019 | No Comments

When you look at the overall picture of all of your business activity, invoices may seem like a tiny fraction of what goes on. However, collecting payments for work you’ve carried out should never be side-lined. HMRC are looking for clear and accurate records of money you’re expecting to receive throughout the year. As well as HMRC, clients need your invoices to be correct in order to pay them. For limited companies there are certain things that need to be included within your invoices. Are you including them? Back to basics Let’s start by stating the obvious. The word ‘invoice’
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Working From Home – What You Need To Know About Tax Relief

December 28, 2018 | No Comments

These days it’s common to work from home at least some of the week. With busy schedules and a lot of places saying goodbye to the standard 9-5, there’s no wonder really. As well as this, lots of companies give their employees the opportunity to work remotely and are much more flexible with location arrangements. However, this leads to a lot of our clients wondering whether there’s any tax relief for those than work from home to cover the costs of doing so. It can be hard to get your head around the ins and outs of what you can
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Top Tips for Recovering From Christmas Debt

November 29, 2018 | No Comments

Christmas. Full of festive cheer, food and celebrations. It’s an exciting time of year and one to be spend with our loved ones. A happy series of events at the time with a stressful aftershock for most of us. Christmas spending is an issue for a huge proportion of us. We’ve put together some of our best advice for recovering from the annual Christmas spending hangover. 7.9 million of British people fall behind with their finances in January due to the effects of Christmas spending. If you remember wondering just how you spend THAT much last year, this year you
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Company Owners: How to Pay Yourself a Salary

November 8, 2018 | No Comments

Setting up a company is both stressful and exciting, you’re the owner of your very own business. Something you’ve built and something you have autonomy over. You can hire who you want, you can operate your way and the money is yours. However, what a lot of people underestimate is how important it is to pay yourself a salary from said money. There are many benefits to paying yourself a salary, most importantly it makes it easier for you to track your company finances and allows you to budget in your personal life too. As well as this, paying yourself
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Do I Need To Pay Tax On My Hobby/Side Business

October 25, 2018 | No Comments

Is there something that you love doing? Something that you’re good at and enjoy? Chances are your thoughts have turned to making money from it. Why not? Some seriously successful businesses have been born from a simple idea that starts at home. What many people don’t understand is, doing it for the pure fact that you love it is very different to when it becomes a business. There’s lots to consider, from profits, expenses and tax to marketing and admin. If you’re sure that it’s what you want to do, we’ve got some helpful advice for you in this blog
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The Pros and Cons of Cloud Accounting

October 18, 2018 | No Comments

In a society that is being quickly powered by technology and the increasingly quick advances of it, there’s no surprise that accounting as been swept up by technology and software development. The most obvious example of this is cloud accounting. Cloud accounting means that data is accessible anytime, anywhere and from any device. With data being so freely accessible, there’s opportunity to be as flexible as you like and develop collaborations that were before almost impossible. With cloud-based systems, all transactions are immediately processed – this does have both pros and cons and here we tell you about them. Advantages
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What Is A Registered Office?

October 4, 2018 | No Comments

If you’re a limited company, a registered office is the official address listed for your company. Your registered office address is shown on the public register and is available to everybody. So, think carefully about your chosen address. The reason for this is so that there is a greater level of company transparency. However, it does leave this address open to marketing products – this is why a lot of companies choose an alternative address to their company’s actual address. This is the address that Companies House and HMRC will send all your letters, reminders and notices. This however, doesn’t
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