Directors' Series
In our Directors’ Series we provide limited company directors across the UK with the necessary information you may need to understand tax, salary and other issues that may affect you business.
As a company director concentrating on starting, or growing, your limited company but can overlook some of the most important questions about how they can pay themselves, extract money from their company and explore the various tax options available.
If you are a company director and want to ensure you are extracting money from your company efficiently, TaxAssist Accountants can help you. We offer a FREE initial consultation to all new clients. Contact us today to book yours.
We've got you covered
How to know if you need to register for VAT
Unsure if you need to register for VAT? Learn the key thresholds, rules, and steps to determine if VAT registration is required for your business.
Find out moreTax relief on donations to charity
Donating to charity helps you support causes most important to you. It can also mean you make tax savings and using gift aid can mean the charity receives more money from your donation.
Find out moreWhat are the most cost-effective ways to purchase equipment for your b...
Looking to purchase equipment for your business? You have several options. This guide outlines what you need to consider.
Find out moreNew Companies House ID check to crack down on fraud
Companies House has released timescales for the introduction of “a new identity verification process to help deter those wishing to use companies for illegal purposes.”
Find out moreTop challenges for business owners and tips to help overcome them
Business owners can face various challenges while trying to grow their business. Chasing late payments, managing deadlines and ensuring a healthy work/life balance are only some of the many plates bus...
Find out moreHow to pay yourself from your business
Every year when the personal allowance and the tax bands change, one of the biggest decisions you face, if you run a limited company, is how much and how to pay yourself from your business (dividends...
Find out moreYour guide to directors’ pay in the UK
Understanding the various ways directors can be paid is essential for maximising earnings and managing tax liabilities both personally and for the company.
Find out moreEmployment Allowance – What is it and are you eligible?
The Employment Allowance is a valuable relief provided to eligible businesses in the UK. It enables them to reduce their annual National Insurance (NI) bill by up to £5,000 for the tax year.
Find out moreWhat you need to know about HMRC tax investigations
A tax investigation can also be referred to a compliance check or enquiry. A tax investigation is when HM Revenue and Customs (HMRC) checks your financial records to make sure everything is correct.
Find out moreMaximising allowable expenses for limited companies
As a limited company owner, understanding, claiming and managing your allowable business expenses helps your business run efficiently and pay the right amount of tax.
Find out moreHow to write a business plan
A well-crafted business plan provides a roadmap to entrepreneurial success. Read our guide to writing a plan that meets your strategic and operational goals.
Find out moreSoft skills for hard results: A business owner’s guide
Soft skills, such as effective communication, decision making and people management, are an important factor in business success. Read this guide for advice on how founders can develop them.
Find out moreA guide to company secretarial duties and responsibilities
The company structure offers businesses the benefit of limited liability protection with the company being a separate legal entity to the individuals who own and run it.
Find out moreUnderstanding an overdrawn director’s loan account
Managing the financial health of a limited company involves many responsibilities, including maintaining a balanced director’s loan account.
Find out moreHow small businesses can deal with late payments
Late payments from customers are a frustrating obstacle to managing your business’ cash flow. Read our guide to the steps you can take to deal with overdue invoices.
Find out moreThe top metrics every business should track in 2024
Running a successful business demands sharp focus and data driven decisions. While intuition plays a role, tracking key metrics empowers you to make informed choices and unlock your business' true pot...
Find out moreChanges at Companies House – what this means for you
The changes to the Economic Crime and Corporate Transparency Act (ECCTA) received royal assent on 26th October 2023. Companies House is “aiming to introduce some of these changes on 4th March 2024… th...
Find out more5 things directors need to know
As a director, we understand you're busy, so here are five quick points you should be aware of.
Find out moreWhat is business asset disposal relief?
In an evolving tax landscape business owners seek strategies to optimise their tax position. Business Asset Disposal Relief (formerly entrepreneurs’ relief) is a Capital Gains Tax relief that may help...
Find out moreFive questions you should ask your accountant
As a business owner you want your business to be a success and so should your accountant. The relationship with your accountant is important. They are offering a service and you should be satisfied th...
Find out moreHow to protect your business
In this guide, we look at financial health, legal protection, cyber security, and more. It offers strategies to help UK business owners strengthen their enterprises against any challenges they may fac...
Find out moreA guide to UK company formation
The UK offers countless opportunities for entrepreneurs. But how do you form a company? This guide explains the steps you need to take.
Find out moreA guide to paying Corporation Tax
Corporation tax is the tax paid by incorporated businesses in the UK, the rates changed from 1st April 2023 with the main rate of corporation tax now 25%.
Find out moreWho needs to file a tax return?
As your circumstances change, you must keep in mind that you may now be required to submit a tax return. The onus is on you to let HM Revenue & Customs (HMRC) know that you need to file a tax return....
Find out moreHow to boost your business’ productivity
A productive business is an efficient and profitable business. Read these tips for how you can improve your productivity.
Find out moreEight ways you can save on tax
Every penny counts so being effective with your tax planning can have significant rewards. This useful guide outlines eight ways you can reduce your tax payments.
Find out moreAutomatic Enrolment duties explained
Employers are required to comply with Automatic Enrolment legal duties, so it's important to know what is expected of all businesses and by when.
Find out moreHow to write an invoice
Writing an effective invoice is important for ensuring you get paid on time for the goods or services you have provided. This guide outlines how to do it.
Find out moreHow to set up effective goals to help grow your business
Setting goals is an important factor in business success. Read our guide to working out the objectives you should be setting for your business and how to measure your progress in achieving them.
Find out moreThe benefits and risks of artificial intelligence for small businesses
The launch of ChatGPT has led to huge global interest in the power of artificial intelligence. But how can it benefit businesses and what are the potential risks? Read our guide to find out.
Find out moreA guide to the duties and responsibilities of limited company director...
Limited company directors have various legal duties and responsibilities that they must carry out. This guide outlines what they are and the consequences for not complying with the regulations.
Find out moreHow technology can drive efficiencies for your business
We look at how technology can be used to help business owners work smarter with their accountants.
Find out moreHow to effectively resource your business
Ensuring your business has sufficient and effective resources to operate is crucial to its success. This guide outlines key areas you should focus on.
Find out moreA guide to market research and competitor analysis for your business
Understanding the market your business serves will help you to successfully launch your new venture and build success over time. This guide highlights factors to consider and actions to take.
Find out moreHow to recruit and retain staff in challenging times
In the post-pandemic world, many small businesses are facing recruitment obstacles as employees look for flexibility, more workplace benefits and higher wages amid the cost-of-living crisis. Read our...
Find out moreDirectors' Loan Accounts Explained
Taking money from the business for personal use when trading as a sole trade or partnership is usually straightforward and unless proprietors' drawings are a major drain on the business' assets, there...
Find out moreHow do I find the right accountant for my business?
Choosing the right accountant for your business is one of the most important decisions you will make as a business owner.
Find out moreHow businesses can cope with the cost-of-living crisis
Like households with the cost of living crisis, UK businesses are facing rising costs. Increasing energy prices, record high interest rates and hikes in the cost of raw materials means firms are being...
Find out moreA guide to financial key performance indicators for businesses
You can use key performance indicators (KPIs) to measure the growth and financial health of your business. Read our guide to KPIs and how to choose what to track for your company.
Find out moreHow to get a bank loan for your business
Starting a new company, growing an existing venture and improving cash flow are among the reasons for why you might seek a business loan.
Find out moreA guide to cyber security for small businesses
Any business and individual could be targeted by cyber criminals, but there are various steps you can take to protect you and your business and minimise the risks.
Find out moreThe top five accounting errors small businesses make
It is quite common for small business owners to make accounting errors unwittingly. Your focus is, understandably, on the success and growth of your business, so it is not surprising that errors happe...
Find out moreA guide to management accounts
Business owners who choose not to create management accounts are missing out on valuable insights that can be used to drive business growth. Read our guide to the benefits of management accounts and h...
Find out moreWhat is entrepreneurs' relief?
We explain the importance of entrepreneurs’ relief (now known as Business Asset Disposal Relief) to small business owners when planning their retirement, sale or exit from their business. We will also...
Find out moreHow to plan ahead with your business
During these challenging times, many small businesses in the UK are having to adapt to secure their future. Read our tips for how you can plan for the months ahead.
Find out moreGuide to corporation tax for limited companies
If you are running a limited company, you are subject to corporation tax. The rules can be complicated so it’s important to understand them to avoid a penalty. Discover everything you need to know, fr...
Find out moreWhat tax do you pay on dividends?
Limited company profits can be distributed to shareholders as dividend income. This guide explains what dividends are and how they are taxed.
Find out moreWhy every business should have a cash flow forecast and how to build o...
A cash flow forecast is one of the most useful financial tools a business has. However far too often it is low down on their list of priorities. Survey after survey shows that business owners do not h...
Find out moreRead our expert answers to your Directors' Series questions
Can I save tax by making company pension contributions?
I run my own limited company and pay myself a modest salary and also extract some of the profits via a dividend. I believe my annual taxable profits will be around £70,000 and was told I could save ta...
Find out moreWhat is the tax return threshold for high earners?
I am employed and my salary is £120,000. I have had to complete a tax return before, but this year HMRC have told me I do not need to file a tax return. Is this true?
Find out moreHow much corporation tax should I pay?
I run my business through a limited company and make around £80,000 profit per year. I’ve heard corporation tax rates are increasing and would like to know what rate of tax I will pay moving forwards.
Find out moreHow is National Insurance changing for directors?
I am a director and shareholder in my own company. Following the announcement of changes to National Insurance, what is the most tax-efficient method of profit extraction from my company?
Find out moreCan electric cars be used in a salary sacrifice scheme?
I am a business owner and I want to improve my green credentials. I have heard that a way to reduce the emissions is to consider providing a salary sacrifice scheme for employees wanting to buy an ele...
Find out moreWhen is my company accounts filing deadline?
I run a company with the 31st March year-end, is my deadline the same as the 31st January tax return filing deadline?
Find out moreHow can I incentivise my staff on a budget?
Given the cost of living and energy crisis, I am looking at ways to incentivise my staff, but am facing cost pressures so am limited in what I can afford to pay. Can you help me develop a strategy for...
Find out moreThe tax implications of owing your company money
I have an overdrawn director’s loan account with my company of £15,000, what are the tax implications?
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