Many Ltd directors assume they can withdraw money from the company at any time. In practice, such withdrawals are often treated as a Director’s Loan rather than salary or dividends. If the loan is not repaid on time or properly recorded, it can trigger additional tax charges, penalties, and scrutiny from HM Revenue and Customs.…
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In the UK, VAT registration is required once turnover exceeds £90,000. However, this threshold is calculated on a rolling 12-month basis, not per calendar year, according to HM Revenue and Customs. Many businesses miss this and register late, leading to backdated VAT, penalties, and interest. We help you stay on top of your thresholds and…
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The main penalties for LTD companies in the UK are related to missed deadlines for reporting and tax payments. According to HM Revenue and Customs and Companies House, the most common reasons include: Most penalties arise from missed deadlines rather than complex violations. Repeated delays can lead to significant fines and even company strike-off. We…
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One of the most common mistakes business owners make is assuming that profit means available money. In reality, profit and cash are not the same thing. A company can show strong results while still having future obligations — including tax. In the UK, tax is often paid months after income is earned. For example, a…
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One of the most common frustrations for business owners is seeing a profitable month on paper but not seeing the same result in their bank account. That’s because profit and cash are not the same thing. Profit shows what your business earned after expenses, while cash reflects the actual money available in your account at…
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Hiring your first employee is an exciting milestone for any growing business — but salary is only one part of the total cost. Employers in the UK should also budget for Employer’s National Insurance contributions, workplace pension contributions, and other employment-related expenses. There may also be recruitment, onboarding, payroll setup, insurance, training, and equipment costs…
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Our team fully handles your UK payroll and HMRC reporting, ensuring strict compliance.Services start from just £480 per tax year (inc. VAT).Message us directly to delegate your payroll to professionals. Tel: 020 8962 3400 – Mob: 07956-223876info@capitalaccountants.co.ukWestmoreland House, Cumberland Park, London NW10 6RE
We have a robust system of reporting which report your income every quarter, avoiding penalties. We provide a professional, marketing-driven approach to make your financial reporting simple, accurate, and stress-free, helping you stay compliant and confident in your business growth.Feel free to contact us for more information. info@capitalaccountants.com Phone: +44 20 8962 3400
One of the biggest misconceptions about MTD for Income Tax is that taxes will need to be paid quarterly. In reality, MTD changes only the reporting process, not the payment dates. After the system launches, taxpayers will need to submit quarterly updates to HMRC. These are regular reports showing income and expenses throughout the year.…
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MTD for Income Tax does not apply only to high-earning self-employed individuals. Many people do not realise they may also fall under the new HMRC rules. For example, if someone works through PAYE but also rents out property or earns side income from self-employment, this income is also considered for MTD. HMRC looks at qualifying…
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