A Complete Guide to Director Overdrawn Loans and the Impact of S455 Tax

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.

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claim cis refund for individual and company subs

How to Claim a CIS Refund for Individual and Company Subcontractors

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.

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How to Get Your Limited Company Ready for Taxes in 2025

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.

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10 important records to keep for limited company

Top 10 Important Records to Keep if You Own a Limited Company

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.

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select the right accountant for limited company uk

How to Select the Right Accountant to Manage Your Limited Company in the UK

Choosing the right accountant for your limited company is a crucial decision for the success and smooth operation of your

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How the VAT Reverse Charge Works in the Construction Sector

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.

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The Ultimate Guide to VAT for Construction companies in the UK

VAT (Value Added Tax) plays a crucial role in the operations of construction companies in the UK. Whether it’s building new homes, converting non-residential buildings, or renovating properties, understanding how VAT applies to your business activities can save time, reduce costs, and ensure compliance with HMRC regulations. This article will cover everything construction companies need to know about VAT, from registration thresholds to reclaiming VAT on materials.

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Top 10 Tips for Smooth Year-End Accounts for Limited Companies

Preparation of year-end accounts is compulsory for all limited companies and requires close attention to detail, accuracy, and careful planning. This period can be stressful for small business owners, accountants, and finance managers. They need to close the financial year, ensure compliance, and prepare for the next one. In this article, we’ll guide you through 10 essential tips to make the process easier and more manageable.

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What Are the Penalties for Late Filing of Company Accounts in the UK?

Missing the deadline for filing company accounts can lead to significant penalties, including immediate financial consequences that escalate over time. In the UK, it is one of the most important legal obligations of businesses to file their company accounts on time. In this article, we’ll explain the penalties, deadlines, and legal risks involved if you don’t file your company accounts on time.

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What Steps to Take If You have Made Mistakes on Your VAT Return

Mistakes on VAT returns are a common issue for businesses, especially given the complexity of tax calculations and the detailed rules set by HMRC. Whether it’s a miscalculation, a missing transaction, or even a simple typo, errors must be corrected quickly to ensure compliance and avoid penalties. In this article, we will explain to you the steps to identify, fix, and prevent VAT return mistakes while staying in line with HMRC regulations.

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