An overdrawn directors loan account (DLA) is when a director of a company withdraws more money from the company’s funds than they have repaid or than they are owed by the company. Essentially, the director owes money to the company, creating a liability on the company’s balance sheet. From our experience we see this happen a […]
What is an overdrawn directors loan account? Read More »
Having run through the basics of VAT registration recently there are some core things to be aware of when you have registered for VAT. – Flat rate schemeThe VAT flat rate scheme is designed to simplify the process for businesses that do not have a lot of expenses that they can reclaim VAT on. While
As we talk to new growing businesses all the time a key consideration for them is when to register for VAT, sometimes when to deregister. There are a lot of complications to how it all works but the key points are: – The VAT registration threshold is £90,000 in a 12 month periodIf your turnover
5 Key VAT registration facts Read More »
We get a lot of questions from people who are baffled by when they need to pay their taxes, or have received a letter from HMRC demanding payment for something they were not aware needed paying. So we have summarised the main taxes and when they are due to be paid. Self assessment Whether you are
When do you need to pay your tax? Read More »
We are asked a lot about how to be the most tax efficient you can be. While we all want to pay what we owe over to our lovely friends at HMRC, no one wants to pay more than they have to. While there are no magic allowances that suddenly half the tax you pay
Some tax planning tips! Read More »
We love sharing knowledge and tips to help you with your finances, and these aren’t always accounting based tips. We’ve put together a list of good to know tips and contacts outside of the world of accountancy that we wanted to share, sharing is caring and all that! Allica BankWe have recently opened an account
Great interest, free software, useful advice… things that may be helpful to some of you! Read More »
You have been approached by a potential client, but they’ve asked for credit terms with you or it is a big contract for you and something isn’t ringing right. You do not want to do a load of work for someone and then find that they are not going to pay you. What checks can
How to stalk a business on Companies House Read More »
Most of you would have heard us bang on about this before but it is something that is well worth reminding everyone and maybe it is new to you. Save your tax throughout the year!!!And not just save it in your current account, ideally set up a separate account (or pot if you are with
How much should I save for tax? Read More »
Do you have a plan for the year ahead in your business? Any idea on how much profit you want to make? What you want to have to spend personally for all your hard work? Well a budget can help you set these out and make sure you are on track to achieve what you
A quick guide on how to create a budget Read More »
We often bang on about management accounts and how useful they can be so here are some reasons why they could be very helpful for your business. Regularly reviewing management accounts is crucial for several reasons, as it lets you see the financial health and performance of a business. At 2 Sisters we have a
Why should you bother with management accounts? Read More »
Accounting hints, tips, and updates
Want our fortnightly/monthly rambling on some handy accounting things? We attempt to make it slightly less boring than reading the back of shampoo bottles but can’t make any promises.
2 Sisters Accounting is a Limited company registered in England and Wales Registration No. 11167998
Reg office: International House, 12 Constance Street, London, E16 2DQ
