How to pay yourself from your limited company

We often get asked by directors of limited companies how they can pay themselves from their limited company. All too often they are taking a ‘normal’ salary and then some dividends which means overall they are typically paying too much tax. As a director of a limited company you take the risks and the sleepless […]

How much support has your accountant given you during lockdown?

On 23rd March 2020 lockdown was first announced for the UK, taking everyone completely by surprise. Businesses didn’t have time to plan or react to the sudden closures and restrictions around trade. Nor did they have time to put aside any cash they might have had to weather the storm. An upsetting and stressful time for […]

Covid 19 update – how is VAT changing?

On 8th July 2020 the Chancellor, Rishi Sunak announced he was cutting the rate of VAT on hospitality and tourism from 20% to 5%. The new rate would be effective from 15th July 2020 to 12th January 2021. The rate cut applies to food, non-alcoholic drinks, accommodation and admission to attractions across the UK.   […]

Covid 19 – how to avoid a cashflow crisis

Cashflow problems are a huge headache for small businesses. Bring on a pandemic and this increases the problems ten-fold. It’s coming to our attention more and more that larger companies are choosing not to pay their suppliers on time during the pandemic. These larger businesses are choosing instead to build their own cash reserves by […]

Securing Your Business Against Covid-19

What Covid-19 means for your business and how to fight it. The Corona Virus is causing panic and worry for businesses across the country.  From gigantic corporations to small local Wetherby businesses, everyone is feeling the strain. In the 11th March 2020 budget, it was announced that financial backing of up to £330bn would be […]

Self-Assessment Tax Return: A Tale of Deadlines, Submissions and Excuses

The Self-Assessment Tax Return deadline is fast approaching, with final submissions due by Friday 31st January.   If you’re one of the millions of taxpayers still to file their online tax assessments then you may be feeling the pressure.  You can find more details about the Self-Assessment Tax Return and what you need to know […]

Do you need to keep a mileage log?

What is a mileage log?  If you use a vehicle for the purpose of your business, a mileage deduction is a great way to save a little extra tax. However, HMRC won’t just take your word for it, in order to claim this deduction you need proof. In other words, you need a mileage log.  […]

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 […]

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 […]

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 […]

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