What is a director’s loan account?

March 29th, 2023

If you have a Limited Company, you will probably have heard us referring to your directors’ loan account. But what is a director’s loan account? A director’s loan is defined as funds a director deposits or withdraws from the company that isn’t salary, dividends, or expenses repaid. A record of the deposits and withdrawals are […]

Continue Reading

Can I employ my child in my business?

June 8th, 2022

Getting your children to help in your business is a useful way of getting an extra pair of hands for you and can earn them some extra pocket money. The money that you pay them will also be a tax-deductible expense in the business. There are strict rules you must adhere to when employing your […]

Continue Reading

A guide to Research and Development (R & D)

May 3rd, 2022

R & D is a Corporation Tax (CT) tax relief that may reduce your company’s tax bill, or, in some circumstances, you may receive a payable tax credit. It applies to small and medium-sized companies (SME). To qualify as an SME the following conditions must apply: Less than 500 employees Turnover of less than €100million […]

Continue Reading

How to extract profits from your Limited Company

April 12th, 2022

This information is aimed at small business owners who are both shareholders and directors of the Limited Company, whose main income is from the Limited Company.   You pay corporation tax on the profits made by your Limited Company at a current rate of 19%. Any profits made after this tax are generally available for […]

Continue Reading

Construction Industry Scheme

March 3rd, 2022

What is it? A tax applied to certain construction workers. Tax is deducted from money paid over to a subcontractor at source and they receive the ‘net payment’ Who does it apply to? All construction work in the UK including jobs such as: Site preparation Alterations Dismantling Construction Repairs Decorating Demolition It applies to all […]

Continue Reading

Are you missing out on help towards your childcare costs? – A guide to Tax-Free Childcare

February 3rd, 2022

Tax-Free Childcare is a government scheme that pays 20% of childcare costs up to a maximum of £2,000 each year. Tax-Free Childcare is a UK-wide scheme covering England, Scotland, Wales and Northern Ireland.   For every £8 paid into an online account, the government adds an extra £2, up to £2,000 per child per year […]

Continue Reading

Sole Trader vs Limited Company

February 3rd, 2022

Sole Trader: What is a Sole Trader? A sole trader is a self-employed person who is the sole owner of a business. The profit or loss of a sole trader is reported on a self-assessment tax return with HMRC. Profits will be taxed using income tax rates after the personal allowance has been utilised – […]

Continue Reading

What items can I reclaim VAT on?

January 13th, 2022

You can usually reclaim the VAT paid on goods and services purchased for use in your business. If a purchase is also for personal or private use, you can only reclaim the business proportion of the VAT. You must have a copy of the VAT receipt to reclaim the VAT. There are some typical business costs that are […]

Continue Reading

How can businesses reduce their Carbon Footprint?

December 8th, 2021

With climate change at the forefront of people’s minds, many businesses want to do everything they can to reduce their carbon footprint. Here are some of the ways in which a business can reduce its carbon emissions: Reduce, reuse & recycle: Encourage your workforce to limit the amount of waste they are throwing away Send […]

Continue Reading

A guide to Christmas gifts and parties for your employee

November 10th, 2021

With the festive season fast approaching, we thought a quick reminder of the tax implications of Christmas gifts and staff parties would be beneficial. When employers provide additional benefits to their employees then they may be liable to additional tax and National Insurance on a benefit in kind. Benefits in Kind are reportable on a […]

Continue Reading