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National Insurance Contributions (NICs) are a key part of payroll costs for employers. Directors often face high NIC liabilities due […]
How Directors Can Reduce National Insurance Costs on Benefits in Kind Read More »
Benefit-in-Kind (BIK) tax applies to non-cash benefits employees receive from their employers, such as company cars or private medical insurance.
What is the Benefit-in-Kind Rate for 2025-26 and How to Calculate It? Read More »
Company car benefits are a common perk for employees and directors in the UK, providing access to a vehicle for
Everything You Need to Know About Company Car Benefits in the UK Read More »
Mortgage interest and tax relief can have a significant impact on financial planning for sole traders and partnerships. Can sole
When a director borrows money from their company and does not repay it within the designated time frame, the loan becomes overdrawn. The tax implications of such a scenario are significant, especially when it triggers a Section 455 (S455) tax charge. This article explains how an overdrawn director’s loan works, how the S455 tax is applied, and what business owners or directors can do to avoid unnecessary tax costs.
A Complete Guide to Director Overdrawn Loans and the Impact of S455 Tax Read More »
The Construction Industry Scheme (CIS) is a tax scheme in the UK that applies to contractors and subcontractors in the construction industry. If you’re a subcontractor, tax and National Insurance contributions (NICs) may have been deducted from your payments. But, if too much tax has been taken, you might be eligible for a refund. Both individual and company subcontractors can claim this refund, but they must meet certain conditions and follow the correct process.
How to Claim a CIS Refund for Individual and Company Subcontractors Read More »
Preparing for tax responsibilities as a limited company owner in 2025 can be manageable and stress-free with the right approach. Proper planning allows you to handle taxes confidently and efficiently. In this article, we’ll walk you through everything you need to know to get your limited company ready for tax preparation. Learn how to understand your tax obligations, organise your records, and file your return smoothly, ensuring your company is fully prepared.
How to Get Your Limited Company Ready for Taxes in 2025 Read More »
Keeping proper records is one of the most important responsibilities of owning a limited company. Without accurate documentation, you risk penalties, legal troubles, and even financial losses. This article will explain the essential records to keep if you own a limited company, why they matter, and how to maintain them effectively. Proper documentation not only supports compliance but also ensures the smooth functioning of your business.
Top 10 Important Records to Keep if You Own a Limited Company Read More »
Choosing the right accountant for your limited company is a crucial decision for the success and smooth operation of your
How to Select the Right Accountant to Manage Your Limited Company in the UK Read More »
The VAT reverse charge, introduced in 2021, changes how VAT is managed in the construction industry by making the customer responsible for reporting and paying VAT directly to HMRC. This measure aims to reduce VAT fraud and ensure fairness in the system. It is important for businesses in the sector to understand when the rule applies and its impact on their operations.In this article, we explain how the VAT reverse charge works, its application, and its effects on subcontractors and contractors, along with practical compliance tips.
How the VAT Reverse Charge Works in the Construction Sector Read More »
