Directors’ loan and current accounts
Directors’ loan and current accounts The terms “directors’ loan account “ and “directors’ current account” are used quite frequently by accountants, and are simply another form of terminology for money owed by you to the company, or the company to you. When you first start trading through a Limited Company it is common for you […]
It’s never too early to plan ahead
It’s never too early to plan ahead We often get asked about how to be tax efficient when running a Limited Company, and what many people don’t realise is that this also ties in quite nicely with your final exit strategy from your Limited company. If you take a long term view and plan ahead, […]
Getting paid when the client has gone into administration
Getting paid when the client has gone into administration Early in February IT service provider 2e2 announced that it had gone into administration. The joint administrators stated that there was literally no cash left in the company. As a result they asked the company’s Data Centre customers to contribute a total of almost £1 million […]
Can Limited Company money be used to offset a personal mortgage?
Can Limited Company money be used to offset a personal mortgage? Contractors who set up as Limited Companies can end up with large sums of cash in their company bank accounts sitting there in readiness to pay tax liabilities. These deposits don’t earn much interest, so contractors often look at ways to get this money […]
Bad debts and unpaid invoices
Bad debts and unpaid invoices If you bill via an agency what happens if the end client doesn’t pay the agency? Do you still get paid? Does the agency have to pay? The answer lies in the exact wording of the contractual agreement between you and your agency. If there is a provision within the […]