As a director do I need to pay myself the minimum wage?

Many directors of small limited companies effectively pay themselves at rates below the National Minimum Wage (NMW). This is perfectly legal as long as the director concerned does not have a contract of employment. As soon as a contract of employment is introduced and...

Late filing penalties from Companies House from 1 February 2009

Limited companies are required to file a copy of their accounts each year with Companies House. If you file even one day past the filing deadline you will be penalised. The late filing penalties which will be imposed from 1 February 2009 are increasing dramatically!...

Housebuilders Renting Property

Many building firms are now holding completed residential property which is proving difficult to sell in the current property market. One solution is to rent out this property for a short period in the expectation that property prices will recover. Ordinarily most of...

The VAT change to 15% – some practical advice

As widely leaked/predicted the standard rate of VAT has been reduced to 15% from 1 December 2008. This reduction will be effective for a fixed period of 13 months. From the 1 January 2010 the rate will revert to 17.5%. For VAT registered traders this creates a number...