Accounting

Using a Director's Loan Account in Crunch?

Background This guide describes how to operate your Director’s Loan Account (DLA). It provides practical guidance and other information about the tax implications for you personally, and your company, when you take money out of your business. The legal position It’s important to understand...

Year End Information

Understanding your set of year end accounts & CT600 You’ve been working hard all year and hopefully you have been getting paid by your clients and withdrawing that hard earned money out of the company for yourself. Everything seems to be going well, but how well, and how would you compare...

Why is the amount owed to a director a negative?

Please note: the figure for amount owed to the director will only be accurate if your Crunch account is up to date. The amount owed to the director will be negative if the director owes money to the company. This can come about by the director withdrawing money without recording a ...

What are unallocated payments and what do I need to do about them?

Unallocated payments are payments or refunds that you've recorded in Crunch but have not yet associated with an invoice or credit note. Common reasons for unallocated payments: The payment hasn't been matched to an invoice in Crunch. You either need to locate the invoice or create a new...

Director's Expenses: What is "Paid by director personally?&q...

"Paid by director personally" In Crunch you have the option to record that an expense was paid by a director personally. This means that the money for the expense was paid out of the director's personal funds. This could be in the form of cash, cheque, debit / credit card or any other payment m...

What date should I use when entering information into Crunch?

When entering an invoice or expense, always use the date the invoice was raised or the date the expense was incurred. When recording a payment, enter the date the money entered or left your bank account.

Why is my salary limited to the National Insurance threshold?

The pay yourself salary is limited in this way as it's the most tax efficient way to pay yourself. This is because there's no tax or NI to pay at all but you still get credit towards national insurance contributions such as your state pension. Click here to see how much you should pay yourself in ...

What is IR35?

What is IR35 and why is it important? What is IR35? IR35 is a tax law introduced to combat tax avoidance by workers supplying their services to clients via an ‘intermediary’ (such as a limited company) who would otherwise be an employee. Why is IR35 important? It is important yo...

Why are opening balances important?

Opening balances are required to set up your accounts correctly. Without them certain key running totals in your Crunch account will not be accurate or may not be visible at all. Without the starting balance for your bank account, for instance, you will not be able to start the bank reconciliation ...

When to issue a credit note to a client

Here's just a few example scenarios of when you might want to credit your customers and how you should go about doing so. For recording credit from suppliers see When to record credit from suppliers. An unpaid invoice you've issued has an incorrect amount Let's say that you've iss...

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