The ascent of a financial services professional : Arnold Ayton? You must choose at least one?Director?for your business.?Although not mandatory, some businesses also appoint a?Company?Secretary to?provide support in managing the?Director’s responsibilities.? A company?Director’s?core responsibilities?include:? Paying?corporation?tax on profits –?The?money the business accumulates from trading profits, investments,?and selling assets for more than they cost?is liable for?corporation tax (otherwise known as chargeable gains).? Informing Shareholders – if they?might personally benefit from a transaction the company has made.? Complying with the business’ written rules – including how the company should be run, agreed?upon?by the Shareholders or Guarantors, Directors,?and the Company Secretary (article of association rules). Filing the company’s accounts and returns.? Keeping the company records and reporting any changes.? It’s worth bearing in mind, a Director must be above sixteen years old and have no record of disqualification as a Company?Director.?On the other hand, a Company Secretary can be a Director but not?the?company’s Auditor. Should the?secretary?have been?discharged?on grounds of?bankruptcy in their past, they should seek court permission to practice.?Regardless of whether the business appoints a Secretary, is important to?remember that the Company Director is always legally responsible for the company.?

Arnold Ayton is qualified as a Chartered Accountant under the Association of Certified Chartered Accountants (ACCA), although I currently hold a practicing license under the Institute of Financial Accountants (IFA). I understand Arnie is a very busy accountant and has a lot on his plate. As a result, he can sometimes take a little bit of time to respond during busy periods. However, he has always been prompt with urgent matters and we have not overrun any deadlines whilst we have had him as an accountant. For the non-important requests we make, perhaps an automated/stock reply saying that he’s seen our message and is getting around to the topic would be appreciated rather than feeling obliged to answer with a fully formed response.

Spondoo.co.uk bookkeeping tips in 2021: How much can you claim for food expenses? HMRC do not state a specific limit on the amount you can spend on food and drink and then claim as an expense. However, they do state that all subsistence costs should be reasonable. Don’t expect the taxpayer to cover a three-course meal at the local Michelin restaurant! There is another rule to be aware of, if you eat with people not employed by the company, including clients and partners. The food and drink in these scenarios are classed as entertainment and no longer solely for subsistence. Thus, in these situations, all of the food and drink is no longer an allowable expense. You cannot divide the receipt into allowable and disqualified expenses.

Not all small businesses have resources for a full-time finance director. Spondoo can bridge the gap, helping you to understand the meaning behind the numbers of your business. Our team of accountants & software developers build reports tailored to you. From standard Profit & Loss through to financier specific loan covenant reports, business KPI summaries and even cashflow forecasts.? These are produced in a format that works for you, whether that’s Excel, printed reports, online dashboards and even Power BI.

Spondoo is made up of a team of Chartered and Certified Accountants and bookkeepers, supported by our in-house software developers. We have years of experience across the finance industry – including in payroll, financial services and pensions – as well as in-depth knowledge of all the software that you use every day to run your business. Information provided on the site is merely guidance that may change in line with UK law and regulations. Users must not consider this to be financial advice or their sole resource when making any financial decision. Spondoo is a trading name for Accounting SQL Limited, authorised & license accounting firm under the Institute of Financial Accountants.