Practical, plain-English guidance on audit, tax, VAT, accounts and advisory — written by our chartered accountants.
1224 articles · page 30 of 102
Most of what is written about directors' loans concerns money going the wrong way — out of the company and into the director's pocket, with a section 455 charge attached. Money travelling in the…
Read articleLook up a small British company on the public register and you will usually find a balance sheet, a handful of notes, and nothing else — no profit and loss account, no turnover, no directors'…
Read articleEveryone gets a VAT return wrong eventually. What decides whether that costs nothing or costs a penalty is not the error — it is how you correct it. The rules give you a genuine choice on small…
Read articleTravel between home and a permanent workplace is ordinary commuting, and it is never deductible. Travel to a temporary workplace is deductible in full — mileage, rail fares, hotels, subsistence.…
Read articleThe SRA Accounts Rules run to a handful of pages — a deliberate contrast with the 52-rule regime they replaced in 2019 — and they contain almost no detail about how a law firm should keep its…
Read articleThere is no such thing as bonus tax. A bonus is ordinary employment income, taxed through PAYE exactly like salary — which is why the explanation employees usually get ("bonuses are taxed at a…
Read articleAn overseas group setting up in the UK has two realistic options: register a branch — formally, a UK establishment of the overseas company — or incorporate a UK subsidiary . The tax difference…
Read articleA VAT inspection is HMRC checking that the returns you have filed match the records behind them. Most are routine, most conclude with no assessment, and the ones that go badly usually go badly for…
Read articleProfitable businesses fail because of cash, and most of the cash is sitting in the sales ledger. Credit control is the unglamorous discipline that converts revenue into money in the bank — and it…
Read articleThe confirmation statement is the cheapest filing a company makes — £50 online , once a year, mostly confirming that nothing has changed. It is also the one whose absence gets a company struck…
Read articleWhen a commercial property changes hands, the fixtures inside it — the wiring, the lifts, the air conditioning, the sanitaryware — carry capital allowances that can be worth a substantial fraction…
Read articleBuy a flat, do it up, sell it at a profit — are you an investor making a capital gain taxed at 24% , or a trader making profits taxed at income tax rates of up to 45% plus National Insurance?…
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