Top Tips from your online accountant

Knowledge base from Boox

By Jonathan London on 17th February 2014

Top Tips from your online accountant

We’re extremely keen as your online accountant to make sure all your numbers stack up.  When it comes to your business finances it’s important you follow our instructions if you want to remain the most tax efficient, and also operate a UK compliant Limited Company.

We’ve put together a list of 6 tips to ensure you remain on top of your obligations as a Limited Company Director whilst using your Boox App.

Top tips from your accountant

1. Make sure you are RTI Compliant

Are you making your RTI submissions to HMRC using the Boox App?

RTI (Real Time Information) was a hot topic last April when HMRC rolled out this new legislation. Your payroll submissions now must be made to HM Revenue & Customs every time you pay a salary to yourself or to an employee on or before the salary is paid out of your business bank account. We’ve included this new process as part of our online accounting app since HMRC introduced RTI, but if you’ve not been triggering your RTI submissions with our app, then you’re not compliant.

Click here to ensure you remain compliant

2. Don’t use your business account as a personal account

We appreciate that sometimes it’s unavoidable if you’re really in need a bit of cash, but there can be significant financial implications, so please try to ensure you chat to your dedicated accountant about it first.

Drawing funds that are not for Salary, Dividends or Employee Expenses will be treated as a Director’s Loan. Here’s how you can be impacted by a Directors Loan.

3. Follow the App Pay Breakdown

Our accounting portal was developed to help you maximise your take home pay. It’s important that you make separate payments (one each for salary, dividend and expenses) with easy to follow references which allow us to reconcile your bank account easily.

Here’s why you need to follow the breakdown, and what could happen if you don’t.

4. Does the Flat Rate VAT scheme work for you?

HMRC’s Flat Rate scheme simplifies VAT for contractors, freelancers and small businesses. It allows you to charge your clients the full rate (currently 20%), yet pay a much smaller amount back to HMRC. The good news is it’s included as part of our service, but it’s not suitable for everyone.  Find out more in our Guide to Flat Rate VAT.

5. Send in your Bank Statements regularly

Be sure to send in your latest bank statements as soon as you receive them. To ensure accurate book keeping your online accountant needs bank statements from all your business bank accounts that are open (including current account & savings accounts), to ensure the transactions on your accounting portal are accurate and up to date.

If you bank with HSBC, Natwest, Metro Bank, Barclays or Cater Allen, you don’t need to worry. We automatically download these statements each day on your behalf, pulling your transactions into the Banking section of your accounting app.

6. Need an Accountants’ Reference?

Applying for a Mortgage or Home Office visa and need us to confirm your income?

Our Accountants’ Reference letters typically take 7 – 10 days to prepare because your accountant needs to finalise any loose ends on your account before we can sign off any information about your income.

Please be sure to let us know right away when you think you’ll need a reference so we can get it to you for when you need it.

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