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.