What is a director’s loan account?

After you’ve finished your business plan, set up your new limited company and opened your commercial bank account, you are finally ready to start doing some business. Once you have signed up your first clients, the funds in your company bank account will start to build up and you will inevitably want to withdraw some of these funds in order …

Innovator and Start-up Visas: how can I increase my chance of success?

Since the closure of the Tier 1 (Entrepreneur) visa route* by the Home Office in March 2019, uncertainty and ambiguity have surrounded the government’s new Innovator/Start-up visa schemes. Instead of assessing an applicant’s business ideas themselves, the Home Office have now essentially passed on this responsibility to a group of ‘endorsing bodies’. These organisations now receive applications directly from aspiring …

What is my company accounting period?

Your company’s accounting period (also called ‘accounting reference date’) is usually set when you incorporate a new company with Companies House, with the end of the financial year being know as the company’s ‘year end’. In general, the year end is set at the end of the month 1 year after the company’s incorporation, and is an important date as …

What is Bookkeeping?

As a startup, it is tempting to focus purely on activities that will help you to increase sales or market share. Indeed, this is the main challenge for the future development of your company by a significant margin. It is, however, only one aspect of starting a new company. It is also of vital importance to ensure that the everyday …

Inheritance Tax Update

Our last article about Inheritance Tax (IHT) was prompted by the Office for Tax Simplification seeking views and perceptions of Inheritance Tax. The review and subsequent recommendations were far-reaching and can be read in full here, but we thought it would be useful to provide a summary just in case you are for some reason not keen to read an …

Special VAT Schemes

Did you know that there is not just one fixed way to pay VAT? The government has created various schemes via which you can potentially save money on VAT. This week, we will have a look into what they involve and how you might be able to benefit. Standard VAT Accounting Most businesses submit returns and pay VAT on a …

What taxes do I have to pay as a company director?

So, you’ve developed your business plan, you’re confident that it’s viable and you’ve decided to open your limited company. Whilst your priority at this stage may well be trying to find as many new clients as possible, it is vital to gain an understanding of what taxes you are liable to pay and when. So, here is our straightforward guide …

Who should submit a Self Assessment tax return?

There are a number of reasons why a taxpayer needs to complete a Self Assessment return. This includes being self-employed, a company director, having an annual income over £100,000 and/or have income from savings, investment or property. Taxpayers that need to complete a Self Assessment return for the first time, should inform HMRC as soon as possible. The latest date …

Schoolgate Accounting Services attends CBBC China Outbound Conference in Shanghai

Schoolgate Accounting Services attended the 6th CBBC China Outbound Conference, part of the UK’s official programme during the first China International Import Expo (CIIE), held in Shanghai on November 8th, 2018, with over 300 guests attending the conference in total. The company was represented by Luda Beanland, Charles Swain and Annie Qian (pictured). Since Schoolgate opened their China Desk earlier …

Autumn Budget 2018

The Prime Minister announced at the Conservative Party conference that the end of austerity was in sight. Recent tax revenues have exceeded expectations, and although there was an expectation that these declarations and indicators would herald a relaxation of fiscal policy, the Chancellor is mindful of the potential fallout next year when we leave the EU, with or without a …