Accounting & Tax 101 by Philip Redhead
Take control of your business finances with Accounting & Tax 101, a practical new guide from Philip Redhead at Accounts Action.
Designed to simplify the fundamentals of business accounting, this eBook breaks down essential topics, including cash vs profit, corporation tax, VAT, director withdrawals, and common tax mistakes. Whether you’re a start-up founder or an established business owner, this resource will help you understand your numbers, make smarter financial decisions, and avoid costly pitfalls.
What Happens If You Take Too Much Out of the Company?
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.