Many business owners set up a limited company to work as a contractor or consultant. But what if things change? Maybe you’ve landed a full-time job and no longer need to invoice through your company. Instead of shutting it down straight away, you have a few options. Let’s go through them step by step. 1.
Author Archives: Gillian French
HMRC Updates & Changes, Self-Assessment Tips for Sole Traders, Self-Assessment/ Personal Tax
The Death of SA302s: Why Are We Still Being Asked for Them?
Introduction For many years, the SA302 was the go-to document for self-employed individuals applying for mortgages. Accountants were frequently asked to provide these forms to verify a client’s income. However, in 2017, HMRC stopped issuing SA302s directly to accountants, instead providing alternative ways for taxpayers to prove their income. Yet, eight years later, mortgage advisors
If you’re a director of a limited company, you probably pay yourself a mix of salary and dividends to keep taxes low. For the last few years, the best salary for tax efficiency has been £9,096 per year, because it gave you maximum Corporation Tax relief while avoiding PAYE tax, National Insurance, and still qualifying
Bookkeeping, Corporation Tax, DNA News, Self-Assessment/ Personal Tax, VAT
Who We Don’t Work With (And Who Might Be a Perfect Fit)
We love working with businesses that align with our values and approach. But we also know that not every client is the right fit—and that’s okay! Being upfront about this helps both of us save time and focus on businesses where we can really make a difference. In this post, we’ll share some red flags
Automating Your Finances, Best Accounting Apps, Technology & Software for Businesses, Xero Tips & Tricks
Achieving Financial Goals in 2025: How We Use Xero to Drive Success
The start of a new year is the perfect time to set clear financial goals for your business and is something we do at DNA every January. Setting goals is just the beginning – achieving them requires careful planning and the right tools. Here’s how we’re tackling 2025 with Xero as our secret weapon. Setting
Changes to Tax Rates & Thresholds, HMRC Updates & Changes, Self-Assessment/ Personal Tax
Capital Gains Tax: Reporting in 60 Days
The 60-Day Rule: What You Need to Know In 2021, HMRC introduced a significant change for UK residents selling property (not your main home). Now, if you sell a property and make a taxable profit, you must: Report the sale to HMRC within 60 days of the completion date. Pay any CGT due within the
Allowable Limited Company Expenses, Organising Your Receipts & Invoices, Tax Planning & Saving Tips
Why Allowable Expenses aren’t always Black and White
When it comes to allowable expenses, things aren’t always as straightforward as we’d like. The idea of reducing your tax bill by claiming legitimate expenses is appealing, but what happens when those expenses fall into a grey area? In this blog, we’ll explore some of the trickier expenses that aren’t always black and white, and
Automating Your Finances, Best Accounting Apps, Technology & Software for Businesses, Xero Tips & Tricks
How Do I Use Artificial Intelligence?
How I Use Artificial Intelligence (And Did I Use AI to Write This?!) Whether you’re a fan of it or not, artificial intelligence (AI) is here to stay—and it’s actually been around for quite a while. You might be using it daily without even realising it! Take Xero, for example. It’s been quietly using AI
Director’s Pay vs Dividends, PAYE, Payroll Basics for Employers, Self-Assessment/ Personal Tax
Demystifying tax codes: a business owner’s guide to 1257L and 0T
When you dreamed of running your own business, you probably didn’t kick your heels in delight for the day you’d have to deal with tax codes! While a good understanding of them is needed to avoid paying more tax than necessary, they’re really not as complicated as they seem. Let’s look at how to find
Changes to Tax Rates & Thresholds, Director’s Pay vs Dividends, HMRC Updates & Changes, Self-Assessment/ Personal Tax
Dividend tax: what is it and how does it impact your business?
As a limited company owner, you’ll most likely pay yourself using a combination of salary and dividends. While it’s often the most tax-efficient way to withdraw money, be careful! Dividends have different tax rules compared to a normal salary. Don’t worry – we’re going to walk through what they mean for your business and how