Money taken from a limited company that is not salary or dividends is recorded in the director’s loan account (DLA). And if the balance becomes negative, the director owes the company money, creating an overdrawn director’s loan account.
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Read the 10-Step Guide →Forming a company – Articles and Memorandum of Association
If you want to form a new company, alongside the Companies House application itself (IN01), you must also file Articles and a Memorandum of Association. Here, we explain what these documents are and how to submit them. … [more]
Do I need to hire an accountant for my limited company?
There is no legal obligation to hire an accountant if you're setting up a limited company. However, there are some very good reasons to do so. … [more]
Can you borrow money from your own limited company?
There may be times when you need to borrow money from your own limited company, or you may have unintentionally done so whilst drawing down funds. What are the tax implications of doing so? … [more]
Networking advice for IT contractors – why keeping in touch is vital
For many IT contractors hearing the word “networking” causes a cold shiver to run down their spines. It conjures up images of stuffy conference rooms, drab food and forced awkward small talk. … [more]
When is the best time to change your limited company accountant?
Changing accountants can be a challenging time for company directors, even if the handover process goes smoothly. This article explores whether there is an optimal time of year to move to a new firm. … [more]
Are the costs of eye tests and corrective glasses tax deductible expenses?
Most contractors spend significant time at computer screens. With this in mind, can your company claim the cost of an employee's eye test? And, what about the cost of corrective glasses? … [more]
The risks of contracting without a written contract in place
Not all contractors begin work with a signed contract in place. Here, we consider the risks this may entail and why a contract need not be in writing to be legally binding. … [more]
How to claim professional membership fees through your company
How are subscriptions to professional and trade organisations treated for tax purposes? And what determines whether or not your membership of a particular organisation is tax-deductible? … [more]
What is a P11D, and when does a company director need one?
When running a limited company for the first time, you’ll come across lots of new accounting terminology. When it comes to payroll, one term you may encounter is the P11D. … [more]
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