The statement balance in Xero is your opening bank balance plus the sum of all the bank statements that have been imported into the bank account.

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

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

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

Entertaining clients is never tax deductible sadly.

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

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.

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

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