HMRC have made changes to their Making Tax Digital that are designed to make it easier to record petty cash transactions.
International law firm Pinsent Masons have released a statement on HMRC’s latest figures about their fines levelled at senior finance executives. The Senior Accounting Regime (SAO) allows HMRC to issue personal fines to the top-level executives at large firms across the UK, usually totalling £5000.
If you operate as a sole trader, you’ll probably have thought about whether or not your life would be easier if you were using a business account instead of your personal one. Whilst you’re in no way obliged to setup a separate account for your business transactions, we’d strongly recommend you do.
Trading as a limited company is, for all but the smallest of businesses, superior to acting as a sole trader. Furthermore, it is always better than a partnership were all partners are liable for debts accrued by all parties.