Overdrawn Director’s Loan Account: Hidden Section 455 Tax Risks for Directors
An overdrawn director’s loan account is one of the most common, and most underestimated, tax risks faced by UK company directors. It rarely starts as …
CIS Errors That Trigger HMRC Enquiries (and How Construction Firms Avoid Them)
If you’re a contractor in the UK construction industry, CIS (Construction Industry Scheme) is one of those things that can feel “fine”, right up until …
VAT Domestic Reverse Charge: How to Stop Overpaying VAT and Avoid HMRC Penalties
The VAT Domestic Reverse Charge (DRC) is one of the most misunderstood VAT rules affecting the UK construction industry and one of the most expensive …
Keeping digital records for MTD
One of the key requirements under Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) is the need to keep digital records for MTD, …
Jointly owned properties and MTD
Unincorporated landlords who had combined property and trading income in 2024/25 of £50,000 or more must comply with Making Tax Digital for Income Tax Self-Assessment …
Business rate changes ahead
From April 2026, many businesses may find that their business rate changes. This is as a result of the revaluation of properties for business rates …
Disincorporation of a company
In the not-too-distant past, incorporation was synonymous with automatic tax savings. However, successive governments have eroded these tax benefits. With additional administration and costs, many …
Are you running a business or a hobby?
Many digital platforms and online marketplaces in the UK, such as eBay, typically consider a seller to be a trader if they list items frequently …
Free fuel – Is it a worthwhile benefit?
Many employees see being allowed the use of their own company car as acknowledgement of their status in a company. While the employee will be …
Keeping digital records for Making Tax Digital
Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) will apply from 6 April 2026 to sole traders and unincorporated landlords with combined trading …
How can sole traders obtain relief for trading losses?
In difficult trading conditions, a sole trader may realise a loss rather than a profit. Where this is the case, it is important that the …
Tax implications of reimbursing employee expenses
Employees often incur expenses in doing their job and they may be able to claim these back from their employer through the expenses system. Where …
