Why you should follow your accountants pay advice

Knowledge base from Boox

By Lynne Gowers on 12th February 2014

Why you should follow your accountants pay advice

As your accountant, we’re best placed to ensure that as an individual you remain the most tax efficient, and that your business receives the advice it needs to remain in a healthy position financially.

It is only guidance that we supply, and as online accountants, a lot of this information comes via the accounting portal you use on a regular basis – particularly when it comes to your tax obligations.

However, as a director of the company, you are ultimately liable for your company’s finances and statutory obligations, and it is down to you as to whether you follow your accountants pay advice.

Each time you submit an invoice via the Boox app (whether it’s by our standard desktop app, or via our new mobile app), you will receive a notification by email once this invoice has been processed by the app (if you’re not sure how to submit an invoice – here’s a handy video tutorial).

The email notification prompts you to access your Boox app to view your latest pay breakdown which shows the funds you can withdraw from your business (any salary, dividends and/or expenses).

Why follow the pay breakdown?

By following the pay breakdown generated by your accounting portal, you’ll be making sure you:

  • Don’t eat into money that needs to remain in the company account to settle your quarterly and annual tax obligations
  • Have transparent accounting & payroll records should you be investigated by HMRC
  • Ensure you comply with HMRC’s RTI payroll rules
  • Don’t end up owing money back to you company in the form of a Directors Loan.

If you need a hand to get using the App Pay Breakdown, email us at accounting@boox.co.uk so we can arrange for your accountant to schedule a time for an App walk through with you.

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