Recent content by Baines Watson

  1. Baines Watson

    What are the options for ltd co to invest unused funds in stock market

    Agree, before embarking on any corporate investments it would be best to assess whether it's better to pull excess funds out of the company and invest via a personal ISA from a tax planning perspective.
  2. Baines Watson

    What are the options for ltd co to invest unused funds in stock market

    Legally your company can invest in stocks and shares as long as it is not the main business activity and such activity is allowed by your articles of association. You will need to open a corporate investment account to do this with a broker, bear in mind different protection rules apply to...
  3. Baines Watson

    Accountants Advice: Options to close my unused (2 years) business account with £4500 & LTD company

    As I said in my response above to contractor accountant, my answer to OP should not have been definitive without asking the specific question about ownership. You question following on from that exchange was asking what additional information is needed and that is what I was responding to.
  4. Baines Watson

    Accountants Advice: Options to close my unused (2 years) business account with £4500 & LTD company

    It can be assumed it is fully owned as a single shareholder based on what the OP wrote but it may not necessarily be the case so worth asking the specific question.
  5. Baines Watson

    Accountants Advice: Options to close my unused (2 years) business account with £4500 & LTD company

    Correct for individual shareholders, however, if owned as a couple then it will extend to £6k. Not enough details here to determine this is the case or not so my statement should not have been definitive in this context, thanks for pointing that out.
  6. Baines Watson

    Accountants Advice: Options to close my unused (2 years) business account with £4500 & LTD company

    You can close the company if it's not trading any more by following the voluntary strike off process assuming all the filings for the past two years are up to date with companies house and hmrc. In terms of the funds remaining in the company, I agree with the other comment above, better to do a...
  7. Baines Watson

    End of year account

    How did you arrive at the figure of £8k ? Did you maintain a cashbook recording income and expenses during the period and the £8k is coming from there ? Check your £8k calculation to see if you are missing any expenses from it, reconcile it with the bank transactions to ensure all are accounted...
  8. Baines Watson

    Purchase Invoice Automation Software

    You could try an RPA tool like Uipath that integrates with most ERP systems and can do things like scanning documents to extract key data like invoice date, amount etc and posting to ledger accounts.
  9. Baines Watson

    Accountant Doubling Fees

    It seems from your response that even though you were their client, not the bookkeeper, they didn't interact with you very much. I'm not sure how they can make the determination that everything was tax efficient if they didn't sit down with you and go over the details of your personal and...
  10. Baines Watson

    VAT and RRP'S

    RRP's typically include VAT if the brand is based in the UK. The key principle here would be that to stay competitive you need to be priced in line with your competition, not what the brand's RRP suggests. A little market research will be required to establish an appropriate pricing point which...
  11. Baines Watson

    BACS Provider

    There are a few others worth looking at. Bottomline Technologies offer automation and allows you to process high volume transactions efficiently. Bankstream can support large payroll files and integrates well with various accounting systems. Eazycollect has bulk upload options and efficient...
  12. Baines Watson

    Accountant Doubling Fees

    Agree with the other comments on here, communication is key in this relationship and if you felt they were distant and perhaps not supporting you in the way they should have been in your opinion then perhaps it is time to move on. One thing I would add is that if your accountant is simply...
  13. Baines Watson

    Sale of business and vehicles

    As mentioned above by others it is owned by the company so not really for your husband to gift. This is the type of question / advice your accountant is there for so do make use of his time as he is the one best placed to give you tailored advice being familiar with your personal and company...
  14. Baines Watson

    Did accountant make a mistake here with charitable donations?

    Great point and yes if you consider those costs then it will be net tax relief of £3 if taken as PAYE when donating personally vs the £9.50 when donating through the company, I did work it out :) Having said that, the charity will still be better off through personal donations rather then...
  15. Baines Watson

    Did accountant make a mistake here with charitable donations?

    You can claim charitable donations as a deduction for your corporation tax bill so seems it has been an oversight on the return in this case. However, an important consideration here is whether it is better to donate through the company or personally, donating personally can be more tax...
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