At FW Accounting we welcome feedback on how we can make improvements for our clients and following some recent feedback we received regarding your monthly Business Snapshot, we are delighted to have made those improvements for you, as outlined online;
We have changed the “Monthly Deductions” section on Page 2 to now read as “Monthly liabilities” which details HMRC liabilities due to be deducted at the end of the month. Your monthly fees (which were previously detailed under the monthly deductions header) are now detailed as an action point under the “Actions” header also on page 2. This change was made to provide clearer guidance to help you budget and ensure you leave sufficient funds for your monthly service and insurance fees due to be collected from your business bank account on the 15th of the month.
We have also added a helpful point to note under the “Important Notes” section on page 1, reminding you why you need to submit your timesheets monthly. This is imperative to ensure we are able to advise you of the correct amount of dividend to withdraw and also to make sure you are paying the correct VAT and Corporation Tax across to HMRC.
Hopefully you will find these changes beneficial towards helping you manage your monthly cash flow. Any further changes you would like to see included, please let us know.
More Blogs
How Does MTD For Income Tax Work?
If you are a self-employed sole trader or earn income from property then you need to understand the new rules for Making Tax Digital (MTD) for income tax! The new rules start from April 2026, and they will require you to submit your financial records to HMRC throughout the year, in addition to still submitting a self-assessment tax return. Therefore it is essential to keep your accounting records up to date throughout the year (instead of just doing this at the year end), and if you don’t have time to do this yourself, then it is definitely a good idea to hire an accountant to help you!
What If I Haven’t Filed a Tax Return for One or More Years?
If you are a UK taxpayer and you haven’t filed your self-assessment personal tax returns for one or more years, you’re not alone! In this article, we explain the consequences of failing to submit your tax returns, how interest and penalties are calculated, and what steps you can take to resolve the situation and bring your tax affairs up to date. We also explore why engaging with a qualified accountant can be an essential part of getting back on track!
How Much Does a Director Loan Cost?
Director loans are a popular yet often misunderstood financing method used by small business owners. If you’re a company director who has taken, or is considering taking, money out of your company (that isn’t structured and subject to tax as: a salary, dividend, or expense reimbursement), then you are effectively using a Director Loan. It is therefore important to understand these rules and the costs involved.