June Newsletter
June News
We hope all our lovely clients and community are having a lovely summer. We have been busy with lots of exciting stuff:
Annja and Esmerelda did non-executive director training through the ICAEW and it was really insightful; one of our blogs is about that 😊
Annja also ran the Edinburgh Half Marathon and it was a lot of fun in the sun, although legs were heard to complain afterwards!
International Coaching week was a great success. We got great reviews and one from Christine Smith stood out: “Annja’s generosity with resources and willingness to search out even more after our talk, and overall her general warmth and empathy made an enormous impact on me as a newcomer to Edinburgh. I felt heard and understood from our session, and have a lingering feeling of hopefulness that I can meet my goals and ease the financial stress of a big move by fortifying my small business. It was helpful to think about the different areas of my life and score them, giving me a visible reference for where I need either some help or to dig into myself. Annja was easy to talk to and her warmth and understanding really created a safe space for me to open up about my hopes and fears for my business.”
So, thank you to everyone that helped make the week a success.
We will start sending customer satisfactory surveys again and we’d really appreciate your feedback as it truly helps us improve our service.
Accountex and what we have learnt
We had a lovely day in London, walking around and listening to all the fabulous vendors and going to the webinars.
The main focus this year was on the cloud accounting software companies expanding their report offerings and also making payment integration easier and quicker.
Getting ready to file your self-assessment 😊
Filing a self-assessment tax return requires you to be organised and to keep the relevant documentation. By ensuring you have all the necessary documents and information at hand, you can streamline the process and minimise the risk of errors or omissions.
Lets look at the essential documents you will need to file your self-assessment:
Directors of Limited Companies - What You Need to Know
According to the Companies Act, directors have various responsibilities and duties to fulfil. These responsibilities are designed to ensure that directors act in the best interests of the company and its stakeholders. Here are the key responsibilities of directors outlined in the Companies Act:
Fiduciary Duty: Directors have a fiduciary duty to act in good faith, in the best interests of the company. This duty requires directors to exercise their powers for the proper purpose and not to misuse their position for personal gain.
Duty of Care, Skill, and Diligence: Directors are expected to exercise reasonable care, skill, and diligence in carrying out their duties. This includes taking the time to understand the company's operations, making informed decisions, and keeping up with industry developments.
Promote the Success of the Company: Directors must act in a way that they consider, in good faith, will promote the success of the company for the benefit of its shareholders as a whole. This involves considering the long-term consequences of decisions, the interests of employees, and the impact on the community and the environment.
Exercise Independent Judgment: Directors should exercise their powers independently, without being unduly influenced by others. They should make decisions based on their own judgment, taking into account the information available to them and seeking professional advice when necessary.
Avoid Conflicts of Interest: Directors must avoid situations where their personal interests conflict with the interests of the company. If a conflict arises, directors should disclose the nature and extent of their interest and refrain from participating in discussions or voting on matters related to that conflict.
Duty to Promote Compliance: Directors have a responsibility to ensure that the company complies with its legal obligations, including filing statutory documents, maintaining proper accounting records, and submitting tax returns on time.
Duty to Exercise Reasonable Skill, Care, and Diligence: Directors should possess the necessary skills and expertise relevant to their roles and should continually update their knowledge and understanding of the company's operations and industry.
Duty to Maintain Confidentiality: Directors must maintain confidentiality regarding the company's affairs, including sensitive information, trade secrets, and customer data, except when disclosure is required by law or authorized by the company.
Duty to Declare Interests: Directors must declare any direct or indirect interests in transactions or arrangements with the company. This includes financial interests, relationships, and connections that could potentially influence their decision-making.
Reporting and Accountability: Directors are accountable for their actions and must provide accurate and timely information to shareholders, regulators, and other stakeholders as required by law.
It's important to note that the specific duties and responsibilities of directors may vary depending on the type of company, its size, and its industry.
Directors should also be aware of other relevant legislation and regulations that may apply to their specific sector or circumstances.
Compliance with these responsibilities not only ensures legal compliance but also promotes transparency, good governance, and the long-term success of the company.
Unlocking Special Capital Allowances
One area that often goes overlooked is special capital allowances available to Limited Companies for tax purposes. If you are intending on investing in your business by purchasing capital assets i.e. machinery, renovating a building etc., please contact us and we will assist you in understanding these allowances.
In this blog post, we will explore the various types of special capital allowances that can be claimed: