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Director’s Loan Account Explained: What Happens When You Transfer £20,000 From the Company?
Quick answer If you take money from your company and it is not salary, a lawful dividend, an expense repayment or repayment of money…
Read explanation → Limited Companies & DirectorsCompany Director Responsibilities Explained: What You Are Personally Responsible For
Quick answer A director can delegate bookkeeping, accounts, payroll and filing work to an accountant, but remains legally responsible for the company’s records, accounts…
Read explanation → VATShould I Register for VAT? B2B vs Consumer Business Examples
Quick answer You must normally register when taxable turnover for the previous rolling 12 months goes over £90,000, or when you expect to exceed…
Read explanation → Self-Employed & MTDMTD Is Live: What Sole Traders and Landlords Need to Do Now
Quick answer If your 2024/25 tax return showed more than £50,000 of combined gross self-employment and property income, you generally entered MTD for Income…
Read explanation → Limited Companies & DirectorsCan My Limited Company Pay for This? Everyday Expenses Explained
Quick answer For a normal revenue expense, HMRC’s starting point is that it must have only a business purpose and must not be specifically…
Read explanation → Limited Companies & DirectorsDividend Tax 2026/27: What a £50,000 Dividend Actually Costs
Quick answer From 6 April 2026 the dividend allowance remains £500. Dividend income above the allowance is taxed at 10.75%, 35.75% or 39.35% depending…
Read explanation → Self-Employed & MTDCIS Tax Refund Guide: Why 20% Deducted Does Not Mean a 20% Refund
Quick answer If you are a registered CIS subcontractor, a contractor will normally deduct 20% from the relevant payment amount and send it to…
Read explanation → Tax ReturnsHow Payroll Errors Can Cost Businesses Money
Payroll is one of the most important financial responsibilities for any business. Employees expect to be paid correctly and on time. HMRC also expects…
Read explanation → Tax ReturnsThe Difference Between Bookkeeping and Accounting Explained
Many business owners use the terms bookkeeping and accounting interchangeably. Although both are closely connected, they are not the same. Bookkeeping and accounting play…
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