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Can You Make Loans Between Companies with the Same Director?
When it comes to financing business operations, companies often seek different avenues to secure funds. One option that arises is loans between companies with the same director. In the UK, there are specific considerations and regulations surrounding such transactions. In this overview, we will delve into the legality and tax implications of loans between companies…
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How Long Does a Tax Repayment Take Once Issued?
There are essentially two major ways to get a tax refund from HMRC being too much tax paid through PAYE or you are due a refund on completion of a Self-Assessment tax return. If you have paid too much tax to HMRC through PAYE income i.e. through a payroll, HMRC will send you a tax…
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Is it Legal to Transfer Money From a Business Account to a Personal Account
Running a business involves managing finances and ensuring that funds are allocated appropriately. This can be tough when you are managing multiple bank accounts, debits cards and credit cards. We are all susceptible to the odd lapse in concentration when using the wrong account or card. If this has happened to you, then you are…
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Can You Write Off a Directors Loan Account?
In the realm of business financing, it is not uncommon for directors of limited companies to provide loans to their own companies. These transactions are recorded in what is known as a Director’s Loan Account (DLA). However, there may also be occasions when a director has a loan from the company. In this article, we…
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Is There VAT on Amazon Prime in the UK?
Value Added Tax (VAT) is applied to various goods and services in the UK, and this also includes digital products and subscriptions. With the increasing popularity of streaming services, and the Amazon next day delivery option, we’ve recently been asked whether VAT is charged Amazon Prime charges and the subscription service. The simple answer is,…
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I Didn’t Realise I Went Over the VAT Threshold
VAT can be a complex topic for most small business owners, particularly the thorny issue of the VAT threshold. If you have gone over the VAT threshold and only recently realised you did so, you’re in the right place for advice. Before we start to explain what happens if you go over it, let’s consider…
