When you receive your company accounts, the Balance Sheet can seem like the most confusing page. Many numbers are divided into “assets” and “liabilities,” with no clear story. But in truth, the Balance Sheet is simply a snapshot of what the business owns, owes, and is worth on a particular day — usually your year-end.

One of the biggest surprises for directors is discovering that you can’t always withdraw money from your company whenever you wish. If you take out more than the company can afford — or more than you’ve invested — it often results in something called a Director’s Loan Account (DLA). This is where problems (and additional tax) can begin.

Running your own business offers plenty of freedom — but it also requires staying compliant with HMRC. The good news is that most tax issues can be avoided if you're aware of common pitfalls. Here are the top 5 mistakes we see directors make — and how to steer clear of them.

When you run your own business, it’s tempting to treat the company bank account like your own wallet. After all, it’s “your” business. But mixing business and personal spending is one of the easiest ways to create stress — and sometimes even extra tax bills. Here’s why keeping them separate is so important.

One of the most common surprises for new company directors is discovering that they still need to file a Self-Assessment tax return — even if all their income is received through their company.

Here’s why HMRC asks for it, and what it means for you.

One of the most common questions directors ask is: “How much can I actually take out of my company?”

The answer depends on how you take the money, because not all routes are equal in the eyes of HMRC.

One of the most common questions directors ask is: “How much can I actually take out of my company?”

The answer depends on how you take the money, because not all routes are equal in the eyes of HMRC.

If you run a limited company, you’ll need to pay Corporation Tax on your profits. But what is it, how is it worked out, and when is it due? Let’s strip away the jargon.

If you work in the arts, the enjoyable part is creating. The dull part is admin. And nothing feels worse than a big tax bill you weren’t prepared for. Here’s the good news: with a few simple habits, you can turn tax into just another bill you’ve already budgeted for.

Working Using a Small UK Company - 101, a practical guide for directors new to managing a small business's financial and tax responsibilities. This booklet provides a clear and straightforward overview of key economic concepts, legal obligations, and standard practices to help you run your company effectively.

This time, we’re looking at something that confuses nearly every business owner at some point: why your accounts say one thing, but your bank balance says another.