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A Director’s Loan Account (DLA) is a record of money a director has either borrowed from or lent to their company. It can include personal withdrawals, expenses, or loans made to the business. When a Director’s Loan Account (DLA) is overdrawn, the director owes money to the company. This can happen if personal withdrawals exceed […]
How to Handle an Overdrawn Director’s Loan Account During Liquidation Read More »
When a business doesn’t follow the rules about paying taxes on time, corporate tax penalties are fines given by HMRC. It can happen if a business files its tax returns late, misses a payment deadline, or makes mistakes in its tax submissions. These penalties can add up quickly and cause a lot of financial stress,
Step by Step Guide to Appealing Corporation Tax Penalties Read More »
Corporation Tax is a tax that limited companies in the UK pay on the money they earn. Just like people have to file Self Assessment tax returns, companies must submit a Corporation Tax return and pay their tax by HMRC’s deadlines. Paying on time is important. It doesn’t just keep your business legal it also
Corporation Tax Late Payments: Everything You Need to Know About Penalties and Interest Read More »
If you’ve ever run a business in the UK, you know that VAT can feel complicated. How different VAT rules affect everyday sales, and one category that often confuses people is zero-rated VAT. In simple terms, zero-rated supplies are goods and services that are taxable but charged at 0% VAT. That means your customers don’t
What Counts as a Zero-Rated VAT Supply in the UK Read More »
Many UK landlords and Airbnb hosts worry about charging the wrong amount or missing a rule. Long term rent often does not have VAT. Short stays can have VAT like a hotel. Commercial rent can change if you choose to charge VAT on the property, which is called the option to tax. Add the rolling
Do Landlords Need to Pay VAT on Rent? A Guide to VAT for Property Owners Read More »
Running a charity in the UK involves key tasks like handling taxes, keeping financial records, and following legal rules. VAT can be especially tricky, with specific rules for charities that can be easily overlooked. Missing out on the reliefs you’re entitled to could result in paying more than necessary, which is the last thing any
A Complete Guide to VAT Reliefs for Charities in the UK Read More »
It might be hard and take a lot of time to handle VAT returns for your limited company. No matter what field you’re in, whether it’s retail, construction, or something else, VAT returns need to be done correctly and in line with the most recent rules. Mistake or missing deadlines can result in fines, compliance
6 Reasons Your Limited Company Needs Professional VAT Return Services Read More »
Wondering if you need to file a Self‑Assessment tax return to claim a refund or get tax relief? This is a common question during tax season, especially for those who do not usually complete a tax return. The answer depends on your situation, the type of income you have, and how you want to claim
Do You Need a Self‑Assessment Tax Return for Refunds or Reliefs? Read More »
In 2025, families across the UK will see a small but significant increase in Child Benefit rates. While the 1.7% rise may not seem like much, it could make a difference to family finances, especially with rising living costs. Understanding the new rates and how they affect your household is crucial for financial planning. Our
The Impact of Child Benefit Rate Increases in 2025: What You Need to Know Read More »
Running a small business in the UK can be rewarding, but managing taxes can sometimes feel like a complex puzzle. However, 2025/26 brings some great tax relief opportunities that can help you save money and keep more of your profits. Let’s dive into how UK small businesses can take advantage of these tax reliefs and
How UK Small Businesses Can Benefit from 2025/26 Tax Reliefs Read More »