Xero offers a way to speed up some of your bookkeeping by using bank rules. These will allow you to fill out the information to spot specific words within a transaction which can then be allocated to a category and supplier.

With Dext you can increase the information pulled through from invoices and receipts by using supplier rules. These can allow you to set the supplier details, the category, tax rates and more.

Yes. If you were an employee you could make an expense claim without charging VAT but as a supplier to your client, any time* you receive money from a client you make a sale.

Xero has a built-in tool to support cash flow forecasting, there are two versions available the first is included in the base package called Xero short-term cash flow, the second version is an add on to your account called Xero Analytics Plus.

When a Director's Loan Account is overdrawn it means the Director has taken more money from the company than they are owed.

In order for you to claim back VAT upon your Vat returns there are certain requirements and information that HMRC need in order to confirm whether the record is valid or not for the payment.

Companies House require companies to maintain a register of Directors, Shareholders and also Persons of Significant Control.

Generally expenses are only tax deductible if they are 'wholly and exclusively' for the business. As we need lunch to survive rather than for our business it generally it is not allowable.

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.