General

What records do I need to keep?

Running your own business is full of difficult yet exciting challenges, however, with so much going on at once it’s easy to let the simple tasks slip by unnoticed. With all the paperwork, e-mail trails and software changes that come along with running your own business it can be near impossible to know what is […]

Self-Assessment Tax Return – Avoid the Rush

Nothing says ‘Welcome to the New Year’ like a last-minute tax return panic! It hurts to say but with Christmas over it’s now time to get back into the swing of things and start planning your business year ahead. Whereas staying warm in the cold weather might seem like the most important thing right now, […]

Where’s My Money?

Seeing cash in the bank is always a welcome sight and can really offer peace of mind to new businesses especially. However, profits are not always represented in this way, so what happens to them and why don’t you always see what you’re expecting to see? First, what do we mean by profits?  Profits are […]

Should I be a Sole Trader or a Limited Company?

Which path should you choose? Of all the topics and information we’ve covered so far in this series, this might be one of the most difficult questions to answer. Before getting started it should be noted that we would always recommend speaking to a professional advisor to ensure that you fully understand your available options […]

How To Take Funds Out Of Your Company – For Incorporated Business Owners.

Growing your business and seeing profits increase is the aim for all businesses, especially when just starting out. However very early on you also need to consider how to remove money from your business effectively. There are many ways that a director or shareholder can take money out of the company and deciding on the […]

Setting Money Aside for Tax Bills. How Much Should You Save?

Unexpected tax bills are the last thing you and your business need.  As such, it is critical to the success of your business that you know precisely what to expect and when to expect it. With a little bit of help and preparation, you can do just that. At Moulds & Co Accountants, to ensure […]

If I don’t draw wages, do I have to pay tax?

If you’re self-employed you are essentially seen as not being paid by the business. Instead you are entitled to draw against the profits that the business makes.  As such even if you, the owner of the business, draw down no wages, you may still pay income tax. Why is this? To put it simply, you […]

What Expenses Can You Claim?

“Tax doesn’t have to be taxing.”  That may be true but sometimes it can certainly feel a little taxing when the lines of what you can and can’t do start to become blurred.  Before we dive into the detail we should first discuss a tax concept that HMRC uses to determine whether something can or […]

Can Your Children Save You Tax?

Among numerous advantages to starting a family business the additional tax benefits available make a compelling case for sharing your business income with your children. If you choose to do so, each child is entitled to the same £11,850 income tax personal allowance as their parents.  They also qualify for capital gains tax allowances and […]

Introducing Your Spouse to the Business

There are numerous reasons why you might want to bring your spouse in to the business, including several tax benefits. Involving your spouse can mean a split income between the two of you which enables you to minimise higher rate tax and therefore increase family take home pay.  Finally, any gifts of business assets between […]

Moulds & Co Ltd 2017