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 all year and, hopefully, 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 this to anot...

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 your Crunch account but have not yet associated with an invoice, expense or credit note. Common reasons for unallocated payments: The payment hasn't been matched to an invoice in your Crunch account. You’ll either need to...

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

As most owners (shareholders) of close companies will know, there are lots of transactions between owner/managers (directors) and their limited companies. These transactions are recorded in the Director's Loan Account. This article deals specifically with directors using personal bank accounts n...

What date should I use when entering information into Crunch?

The dates used when inputting information into a bookkeeping system such as Crunch, are very important. Having the wrong date has implications, such as the invoice or expense going into the wrong set of annual accounts. This would also affect the amount of Corporation Tax you pay. Let your accou...

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?

What are opening balances? Opening balances are the starting figures at the beginning of an accounting period for the Statement of Financial Position (balance sheet), which is part of the annual accounts. In other words, the closing balances of the previous period become the opening for the new p...

When to issue a credit note to a client

Background This guide explores what credit notes are and why they will be issued. It also provides some scenarios and the resolutions that explains when credit note will be used. What is a credit note? A credit note is a document issued by a seller to a purchaser of goods or services for ei...

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