One in seven of people in the UK are self-employed, with hundreds of thousands of Brits working as contractors providing additional knowledge, value, and capacity to the businesses and organisations they work for. We thought that now would be a good time to sit down and take stock of where we are in October 2018.
Director's loan accounts offer limited company directors a lot of freedom to both invest in their business and draw money from their business. Since the introduction of Real Time Information requiring up-to-date reporting on the payment of salaries, director’s loan accounts have become even more popular as directors use them to take “dividend-like payments” from their business on a regular basis.
There are some red flags that you should be aware of with your current accountant because you could be hindering your business's progression and paying more tax than you need to if you stay with an accountant that isn't as passionate about your business as you are. In this article, the Financial Management Centre will explain what to look out for when choosing a new accountant, and how to actually change practices.
Invoice factoring solves cashflow issues by freeing up any tied-up funds that your business has in unpaid invoices; but how does it do this? A business sells their unpaid invoices to a finance company. This specialist finance company is called an invoice factorer or an invoice discounter. They collect the payment on the invoices you issue to your customers on your behalf.