Your Accounting Questions Answered

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How long do I need to keep my business records?

Ltd Company records must be kept for 6 years from the last date of the financial year they relate to.

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Company Directors can vote dividends up to the amount of ‘Retained Profit’ in the company.

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It is important to understand that there is a difference between what has been voted and a dividend paid.

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Entertaining clients is never tax deductible sadly.

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P11d is a report that HMRC requires to be done annually on Directors' and Employees' Expenses and Benefits.

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Flat Rate VAT is a VAT scheme that allows you to calculate the VAT you pass on to HMRC in a different way to the Standard Scheme.

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The simplest explanation is that bookkeeping is a stage on the way to creating accounts.

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The Director’s Loan Account is a running tally of what the company owes to the Director.

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A dividend is a distribution of profits after tax by a company to its shareholders.