Latest Articles
Director’s Loan Accounts and S455 Tax: How They Work and What You’ll Pay
If you’ve taken money out of your limited company casually, outside salary or dividends, you may already have a director’s loan account, even if you’ve never called it that. And if the balance sits there long enough, HMRC can charge your company Section 455 tax. That’s where proactive advice matters. TurnerBerry helps Bristol and Cardiff […]
When Should You Register for VAT?
The UK VAT registration threshold is £90,000, a figure that has applied since April 2024. If you’ve been searching for a clear answer on when VAT registration becomes compulsory, you’re not alone. The threshold increased for the first time in seven years, and a lot of content online still references the old £85,000 limit. This […]
5 Tax Allowances Every Limited Company Should Be Using
Most directors focus on what’s coming in, but thousands of pounds in profit quietly disappear each year through unused tax allowances. It’s rarely a mistake. It’s usually a timing issue, an awareness gap, or the assumption that your accountant is already claiming everything. This isn’t aggressive tax avoidance. These are legitimate allowances written into UK […]
Bookkeeping vs Accounting: What Are the Differences?
While software like Xero or QuickBooks may show balanced categories, do you truly understand your available dividends or projected corporation tax? Many directors have the right figures, yet the decisions they make from them are often flawed. The problem is that software shows what has happened; it doesn’t advise. Directors feel they are managing their […]
8 Practical Tips to Reduce Your Corporation Tax
Effectively managing corporation tax requires careful planning to ensure liabilities are minimised and opportunities for relief are maximised. With strategic oversight, your tax position can support business growth rather than acting as a drain on resources. Here are eight practical methods to reduce your corporation tax in 2026 while maintaining robust compliance. 1. Claim Full […]
Can I Do My Own Accounts for a Limited Company?
New company directors often feel they can manage their own finances. Accounting software makes it look simple, and avoiding professional fees seems like sensible capital preservation. But HMRC applies the same standard to everyone: no allowances for inexperience, and directors are personally liable for late or inaccurate filings. The stakes are higher than they appear. […]