Category Archives: Accounting

The Giant Has Woken

Sage product development

Since 1995 I have been using Sage Line 50 and all other associated software manufactured by Sage. After twenty-six years, as a Sage user, my frustration as an Accounting Practitioner with Sage, is justified. A market leader, with multiple ranges of software, as the flagship and brilliant “telephone support”, Sage has enjoyed a “privileged” position […]

Sterling Finance UK Limited Acquires Local Accountancy Practice

Kamlesh Rajput - Sterling Finance

We are delighted to welcome clients of YD Associates into the family of Sterling Finance (UK) Limited. Our mission is to provide clients with superior personalised tax, accounting and consulting services by implementing practical solutions for our clients’ diverse needs. Our growth is dependent upon supporting clients’ financial fuel to drive their ideas, inspirations, and […]

Illegal Dividends

Illegal Dividends

When a director/shareholder takes a dividend from the company which has insufficient profit (including leftover profits of previous years) it is known as an “illegal” dividend. Taking dividends from your own company is a legal process. If your accountant says ‘just transfer the money into your personal account’, be careful. Without following proper procedure, your […]

Dealing With Directors’ Loans in a Limited Company

business plan

For accounting purposes, cash transactions between a director and a personal or family company are recorded through the director’s account. At the end of an accounting period, if the director owes the company money (i.e. the account is considered overdrawn), and the company is close (broadly, one that is controlled by five or fewer shareholders […]

How to Choose an Accountant For Fintech Companies

How to Choose an Accountant For Fintech Companies

The buzzword around fintech is “innovation”. Nearly every fintech company on the planet appears to offer something new. And where they don’t, they tend to position themselves as a “disruptor,” a business that wants to change their industry from the inside out. Challenger banks are good examples of companies that can be innovators or disruptors. […]

Paying Family Members

Government Financial Support For Self-Employed Jan 2021

Many small businesses, whether incorporated or not, pay family members for working for the business. However, as a recent case shows, it is easy to make mistakes which can prove costly. The case in question, Nicholson v HMRC (TC06293), concerned the payment of wages by a sole trader to his son while at university. Mr […]

UK Bosses to Record Staff Work Hours

uk bosses to record employees hours

According to the European Court of Justice, that impacts the UK business, employees can’t work more than 48 hours. They can only work more than 48 hours if they opt out of Regulation 4 of the Working Time Regulations. Until now bosses did not need to record their employees working hours and breaks. This is going […]

Is Your Accountant Qualified?

Is Your Accountant Qualified?

We assume that anyone who calls himself or herself as “accountant” is properly qualified, trained, experienced and competent. So ask yourself these questions How do you know the advice you are given by your accountant is legally sound? What if your accountant makes mistake? Can you report your accountant to the regulatory body? Who will […]

How to Protect Your Home Address at Companies House Legally

There is a change to data suppression laws which will help you remove your home address from the company register and from publicity on company documents. This process has been made easier. This will apply to company directors and other people such as secretaries, people with significant control and LLP members. If you would like […]

Parents Reminded to Update Children’s Details as Exam Results Are Revealed

Are you a parent? Are you receiving child benefits, child tax credits? Is your child 16+? If the answer is yes than this information will come in useful to you. As result have been released over England, Wales and Northern Ireland you need to inform HM Revenue and customs of your child’s educational status otherwise […]