Lead #1726

(function(window, document) { document.documentElement.classList.remove("no-js"); if(navigator.userAgent.match(/(Android|iPod|iPhone|iPad|BlackBerry|IEMobile|Opera Mini)/)) { document.body.className += " using-mobile-browser mobile "; } if(navigator.userAgent.match(/Mac/) && navigator.maxTouchPoints && navigator.maxTouchPoints > 2) { document.body.className += " using-ios-device "; } if( !("ontouchstart" in window) ) { var body = document.querySelector("body"); var winW = window.innerWidth; var bodyW = body.clientWidth; if (winW > bodyW + 4) { body.setAttribute("style", "--scroll-bar-w: " + (winW - bodyW - 4) + "px"); } else { body.setAttribute("style", "--scroll-bar-w: 0px"); } } })(window, document); Skip to main content Close Search Menu WHAT WE DO WHO WE’RE FOR WHY CONCEPT BLOG CAREERS CONTACT ABOUT US A little bit about Concept Accountancy Our Story • Contact Us • Meet the team Our Story Concept Accountancy is a modern and client focused accountancy practice based in Newcastle upon Tyne specialising in small and medium sized businesses. Concept Accountancy was established with the aim of helping businesses achieve their financial goals through sound financial planning, accurate bookkeeping and tax compliance. We understand that financial management can be a daunting task, which is why we strive to make the process as smooth and stress-free as possible for our clients. We are committed to staying up-to-date with the latest developments and changes in the accounting and financial landscape. We invest in the latest technology and tools to ensure that we are able to provide our clients with accurate, timely, and efficient services Concept Accountancy is an ACCA approved accountancy practice. This means that the practice is led by a fully qualified chartered certified accountant, and is a mark of excellence. It provides reassurance to clients that they will receive an exceptional quality of service at all times. But don’t just take our word for it, please read our client testimonials for more information on how we have been able to help their businesses. Need help? Book a call at a time to suit your schedule Book an appointment NOT ALL GOALS ARE FINANCIAL. AND NOT ALL BALANCE IS ABOUT NUMBERS. Interested? Get in touch Our Office 23 Riverside Studios Newcastle Business Park Newcastle upon Tyne NE4 7YL Map Contact 0191 603 1760 [email protected] LinkedIn Concept | Mark Calendly Book an appointment INTERESTING TIMES The finance newsletter you’ll actually want to read? We’ll do our best! Please enable JavaScript in your browser to complete this form.Please enable JavaScript in your browser to complete this form. 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(function(window, document) { document.documentElement.classList.remove("no-js"); if(navigator.userAgent.match(/(Android|iPod|iPhone|iPad|BlackBerry|IEMobile|Opera Mini)/)) { document.body.className += " using-mobile-browser mobile "; } if(navigator.userAgent.match(/Mac/) && navigator.maxTouchPoints && navigator.maxTouchPoints > 2) { document.body.className += " using-ios-device "; } if( !("ontouchstart" in window) ) { var body = document.querySelector("body"); var winW = window.innerWidth; var bodyW = body.clientWidth; if (winW > bodyW + 4) { body.setAttribute("style", "--scroll-bar-w: " + (winW - bodyW - 4) + "px"); } else { body.setAttribute("style", "--scroll-bar-w: 0px"); } } })(window, document); Skip to main content Close Search Menu WHAT WE DO WHO WE’RE FOR WHY CONCEPT BLOG CAREERS CONTACT IF YOU’RE INTERESTED IN AN ACCOUNTANCY THAT REALLY IS INTERESTED IN YOU. YOU’LL BE INTERESTED IN CONCEPT. CONTACT If you’re interested in being looked after by an accountant that really is interested in you. You’ll be interested in Concept Accountancy. Not all goals are financial. And not all balance is about numbers. Because we’re genuinely interested in you – inside and outside your business – we’re interested to learn what you want from life as well as work. With Concept, you have the best chance of achieving both. We’re interested in meeting ambitious and interesting business leaders. Please call 0191 603 1760, complete the form below or email [email protected] to say hello. Ask anything. We’ll get back to you today or tomorrow. We’re interested in meeting you. Your name* Your position Your business Your email address* Your mobile number How can we help you?* Our Office 23 Riverside Studios Newcastle Business Park Newcastle upon Tyne NE4 7YL Map Contact 0191 603 1760 [email protected] LinkedIn Concept | Mark Calendly Book an appointment Registered Office 23 Riverside Studios Newcastle Business Park Newcastle upon Tyne NE4 7YL Company Number 12345678 NOT ALL GOALS ARE FINANCIAL. AND NOT ALL BALANCE IS ABOUT NUMBERS. Interested? Get in touch Our Office 23 Riverside Studios Newcastle Business Park Newcastle upon Tyne NE4 7YL Map Contact 0191 603 1760 [email protected] LinkedIn Concept | Mark Calendly Book an appointment INTERESTING TIMES The finance newsletter you’ll actually want to read? We’ll do our best! Please enable JavaScript in your browser to complete this form.Please enable JavaScript in your browser to complete this form. 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(function(window, document) { document.documentElement.classList.remove("no-js"); if(navigator.userAgent.match(/(Android|iPod|iPhone|iPad|BlackBerry|IEMobile|Opera Mini)/)) { document.body.className += " using-mobile-browser mobile "; } if(navigator.userAgent.match(/Mac/) && navigator.maxTouchPoints && navigator.maxTouchPoints > 2) { document.body.className += " using-ios-device "; } if( !("ontouchstart" in window) ) { var body = document.querySelector("body"); var winW = window.innerWidth; var bodyW = body.clientWidth; if (winW > bodyW + 4) { body.setAttribute("style", "--scroll-bar-w: " + (winW - bodyW - 4) + "px"); } else { body.setAttribute("style", "--scroll-bar-w: 0px"); } } })(window, document); Skip to main content Close Search Menu WHAT WE DO WHO WE’RE FOR WHY CONCEPT BLOG CAREERS CONTACT AdviceCompany DirectorsCompany newsLimited companyNews Companies House changes you need to know about By Mark23/09/2024No Comments Companies House has made changes that all small and micro businesses must be aware of. From 3 March 2024, the first measures of the Economic Crime and Corporate Transparency Act (ECCA) were implemented. This means company directors must share more detailed information than previously. Companies House says the changes will give them greater powers to tackle and remove inaccurate information. And they will be able to share more data with other government departments and law enforcement agencies. They say the measures are essential to help it clamp down on scam businesses and fraudulent companies. It comes after UK banks reported a surge in fake filings. The changes – which includes banning the use of PO Box numbers as registered addresses – are coming into force in stages. These will include new requirements for identity verification, banning corporate directors and changes to record keeping. Companies House changes you need to know about What this all means is that company directors will be responsible for ensuring they find out what is changing. Whilst the regulations will add to the workload of company directors, Companies House believes they will reduce the number of fake and fraudulent operators. To help, we outline the Companies House changes you need to know about from 4 March 2024. Registered office address Every company must have an ‘appropriate’ registered office address. This must be an address at which documents can be sent and reach the person acting for the company. It must also be an address at which an acknowledgement of delivery can be recorded. You can use a third-party agent’s address (such as your accountant) if it meets the criteria. We will continue to offer this service to our clients. The biggest change is that you cannot use PO Boxes any longer. Also, Companies House has the power to change any inappropriate registered office addresses to default addresses. Registered email address All companies are now required to provide a registered email address to Companies House. It will use the address to communicate with the company. New companies will have to provide a registered email address when they incorporate. Existing companies will be required to provide one when they next file their confirmation statement. Registered email addresses will not be published on the public register and the same email can be used for different companies. Agents, such as accountants, will be able to provide their email addresses providing they are sent to and brought to the attention of a person who acts on behalf of the company. Failure to maintain an appropriate registered email addresses is an offence. Statement of ‘lawful purpose’ Whilst this will be a simple ‘check box’ requirement, failure to do so will mean confirmation statements and company incorporation papers will be rejected. Individuals who incorporate a company will be required to affirm that the company is being established for a lawful purpose. They must also verify that future activities being planned are lawful when they submit their annual confirmation statement. Extra powers for Companies House Greater powers are also being given to Companies House to challenge and/or reject information provided. The rules state that if they believe information is inaccurate, incomplete or fraudulent, they will be able to challenge the company’s details. By flagging inconsistencies and issues that require further investigation on the register, it hopes to provide public notice of possible compliance problems. From 1 May 2024, some fees will be increasing. We will give more information once this is released.The government has published factsheets on the Economic Crime and Corporate Transparency Act if you would like to find out more. Keep up to date We will be keeping our clients who run companies up to date with their requirements when the details are published. If you would like to know more, you can contact our experienced team today. Search Concept Categories Food for thought 12 Limited company 18 News 66 Tax 28 Recent Posts What cash reserves does a business need? 3 reasons to set up subsidiary company What you need to know about director’s loans and S455 tax How your sales pipeline improves business finances Directors need to be ready for identity verification rules Next PostHow are dividends taxed? How are dividends taxed? Recommended For You Food for thoughtAdviceTax 3 reasons to set up subsidiary company 3 reasons to set up subsidiary company Mark14/10/2025 News Directors need to be ready for identity verification rules Directors need to be ready for identity verification rules Mark04/09/2025 Food for thoughtAdvice How late payments can affect business goals How late payments can affect business goals Mark21/08/2025 NOT ALL GOALS ARE FINANCIAL. AND NOT ALL BALANCE IS ABOUT NUMBERS. Interested? Get in touch Our Office 23 Riverside Studios Newcastle Business Park Newcastle upon Tyne NE4 7YL Map Contact 0191 603 1760 [email protected] LinkedIn Concept | Mark Calendly Book an appointment INTERESTING TIMES The finance newsletter you’ll actually want to read? We’ll do our best! Please enable JavaScript in your browser to complete this form.Please enable JavaScript in your browser to complete this form. 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(function(window, document) { document.documentElement.classList.remove("no-js"); if(navigator.userAgent.match(/(Android|iPod|iPhone|iPad|BlackBerry|IEMobile|Opera Mini)/)) { document.body.className += " using-mobile-browser mobile "; } if(navigator.userAgent.match(/Mac/) && navigator.maxTouchPoints && navigator.maxTouchPoints > 2) { document.body.className += " using-ios-device "; } if( !("ontouchstart" in window) ) { var body = document.querySelector("body"); var winW = window.innerWidth; var bodyW = body.clientWidth; if (winW > bodyW + 4) { body.setAttribute("style", "--scroll-bar-w: " + (winW - bodyW - 4) + "px"); } else { body.setAttribute("style", "--scroll-bar-w: 0px"); } } })(window, document); Skip to main content Close Search Menu WHAT WE DO WHO WE’RE FOR WHY CONCEPT BLOG CAREERS CONTACT AdviceSelf-employedUseful articles Can sole traders employ people? By Mark14/06/2024No Comments If you’re self-employed you may wonder if it’s possible for sole traders to employ people. The short answer is that they can. It’s quite rare for sole traders to employ people but if you’re considering doing so, then there are a few things you need to know. How can sole traders employ people? There may be a time when someone who is self-employed has an increase in workload. Or they may need to hire others to help them deliver a big project. If that’s you, then it is exciting but it may well feel daunting. It is possible take on someone as a freelancer or contractor to help you. And you don’t need to set up a limited company to do so. Be aware that that freelancers are for short periods and they simply invoice you for their work. But if your project is longer term, say three or six months, then you should be treating the person as a contractor or sub-contractor. If it’s longer they will be employees. Either way, it is perfectly legal and acceptable to hire support if you are a sole trader. How to hire people When sole traders employ people, it can be daunting. But it’s very similar to how a limited company employs someone. You will need to complete some steps that are quite similar to those limited companies must follow. The steps below are only required if you are taking someone on for longer term projects. First, you must register with HMRC Register for PAYE. Employers are given a PAYE reference number from HMRC. HMRC require information from you when you register as an employer. This includes: Company name Company email address Your Unique Taxpayer Reference (UTR) The address of your business The date the first payment will be given to the employee Total number of employees If you’re using another sole trader on an ad-hoc freelance basis, it’s acceptable for them to simply send you an invoice and you do not need to follow these steps. Setting up a payroll and pension scheme As a new employer, you will need to make arrangements to ensure employees are paid on time. You will also need to provide an appropriate workplace pension scheme if employees are eligible for auto-enrolment. Your accountant can help you with this if you are unsure about payroll. Checks before you employ people Before you decide to take on a freelancer or employee, it is advisable to carry out some checks. Work out whether your cash flow can cover the costs. Remember, you are committing to paying wages and contributions (such as National Insurance and pension payments) throughout their employment. If you’re not sure about what you will need to pay, use a free tax calculator or speak to your accountant. The takeaway As a sole trader, you can employ people – whether that’s as a freelancer, contractor or employee. But get all the facts and do your sums, as you will be held responsible if payments aren’t made or you don’t pay the taxes and other contributions of employees. Taking on a freelancer ad-hoc is simpler, as they invoice you for the agreed sum or hours worked. If you need more advice, then you can contact our team today. Search Concept Categories Food for thought 12 Limited company 18 News 66 Tax 28 Recent Posts What cash reserves does a business need? 3 reasons to set up subsidiary company What you need to know about director’s loans and S455 tax How your sales pipeline improves business finances Directors need to be ready for identity verification rules Next PostCompanies House changes you need to know about Companies House changes you need to know about Recommended For You Food for thoughtUseful articles What cash reserves does a business need? What cash reserves does a business need? Mark29/10/2025 Food for thoughtAdviceTax 3 reasons to set up subsidiary company 3 reasons to set up subsidiary company Mark14/10/2025 Food for thoughtAdvice How late payments can affect business goals How late payments can affect business goals Mark21/08/2025 NOT ALL GOALS ARE FINANCIAL. AND NOT ALL BALANCE IS ABOUT NUMBERS. Interested? Get in touch Our Office 23 Riverside Studios Newcastle Business Park Newcastle upon Tyne NE4 7YL Map Contact 0191 603 1760 [email protected] LinkedIn Concept | Mark Calendly Book an appointment INTERESTING TIMES The finance newsletter you’ll actually want to read? We’ll do our best! Please enable JavaScript in your browser to complete this form.Please enable JavaScript in your browser to complete this form. 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(function(window, document) { document.documentElement.classList.remove("no-js"); if(navigator.userAgent.match(/(Android|iPod|iPhone|iPad|BlackBerry|IEMobile|Opera Mini)/)) { document.body.className += " using-mobile-browser mobile "; } if(navigator.userAgent.match(/Mac/) && navigator.maxTouchPoints && navigator.maxTouchPoints > 2) { document.body.className += " using-ios-device "; } if( !("ontouchstart" in window) ) { var body = document.querySelector("body"); var winW = window.innerWidth; var bodyW = body.clientWidth; if (winW > bodyW + 4) { body.setAttribute("style", "--scroll-bar-w: " + (winW - bodyW - 4) + "px"); } else { body.setAttribute("style", "--scroll-bar-w: 0px"); } } })(window, document); Skip to main content Close Search Menu WHAT WE DO WHO WE’RE FOR WHY CONCEPT BLOG CAREERS CONTACT Accountancy softwareUseful articlesXero What’s so good about Xero for construction? By Mark14/08/2024No Comments You may have heard the adverts on the radio extolling the virtues of Xero for construction companies. But by the time you get out of your car or van, you’ve probably forgotten all about it. Basically, it mentions that you can send quotes, create invoices, manage jobs and even track expenses via an app on your mobile. Does that sound too good to be true? It might, but it does work? At Concept Accountancy, we recommend Xero accounting software for all business. But it’s particularly good for construction businesses. Xero understands that construction business owners are rarely in one place. All too often, queries arise while you’re out and about. And by the time you get back to the office, you’ve forgotten to raise or chase an invoice because more queries or onsite problems have taken priority. So, to help, they have developed a range of features you can use on your mobile that take care of everything without needing to sit at a desk. What’s so good about Xero for construction? Here are the reasons why we think Xero will work for your construction company. App keeps you informed wherever you are Currently, you may need to head to the office or dig out a laptop to check your figures. With the free Xero Touch app, you can view them onsite no matter where you are. It allows you to create sales invoices, check current bank balances and see what money’s due to be paid in and out. Stay on top of subcontractors Managing your subcontractors is a job in itself. But Xero allows you to manage them easily. Your subbies can email invoices directly to Xero and you have a digital copy saved in your accounts, meaning payments are easily processed. Xero creates batch payment files for you to upload directly into your bank, which saves manual entry. Using the payroll function, you enter payment information which shows CIS deductions owed to HMRC. It’s worth having the app to sort that headache alone! Preparing quotes How do you currently prepare quotes? You probably need to head to your laptop or to the office. And then something delays you and the quotes go on the back-burner, so you’re up at midnight working on them. With Xero, you can prepare quotes from the app wherever you are. What we really love is that the quotes feature your logos and details and you can revise and edit as much as you like before emailing them. You can upload and attach files to your quote and save plans, budgets and staff details in one place. Once quotes are agreed you can turn them into sales invoices, meaning no need for duplicates. And it all happens with clicking a few buttons! Project module It costs extra to add the module, but it will soon pay for itself. If you track time, bill in stages or take deposits, then it helps track, plan, budget, quote and invoice for projects. Tracking codes Using up to two tracking codes, you can monitor progress on whatever you want to report on, such as showing the costs and sales for each site. It also means you can track sales made by your sales people, meaning you can easily work out what commission they’re owed. Xero and standard rates VAT Whether you are working on zero-rate new build projects or standard rate jobs, Xero handles both. It can even work out different rates on the same invoices. That’s another frustrating job taken care of! Keeping track of purchases This is one feature that works well for any business but it’s a big boost for construction firms! Each time you make a purchase, you can use the Touch app to upload invoices or receipts simply by taking a picture of them. They’re then uploaded directly to Xero. It means you don’t need to rake through the van looking for invoices for HMRC! And if you forget your business credit card and pay out of your own pocket, Xero can even reimburse you by telling it which account it was bought from. What to do next If you’re a construction company owner and think Xero is the answer to your prayers, then we can help you. Just contact us today for details. Search Concept Categories Food for thought 12 Limited company 18 News 66 Tax 28 Recent Posts What cash reserves does a business need? 3 reasons to set up subsidiary company What you need to know about director’s loans and S455 tax How your sales pipeline improves business finances Directors need to be ready for identity verification rules Next PostIs buying a franchise a good idea? Is buying a franchise a good idea? Recommended For You Food for thoughtUseful articles What cash reserves does a business need? What cash reserves does a business need? Mark29/10/2025 Useful articlesAdviceFood for thought What are Enterprise Investment Schemes? What are Enterprise Investment Schemes? Mark12/06/2025 AdviceFood for thoughtUseful articles A good accountant can help your business succeed A good accountant can help your business succeed Mark22/05/2025 NOT ALL GOALS ARE FINANCIAL. AND NOT ALL BALANCE IS ABOUT NUMBERS. Interested? Get in touch Our Office 23 Riverside Studios Newcastle Business Park Newcastle upon Tyne NE4 7YL Map Contact 0191 603 1760 [email protected] LinkedIn Concept | Mark Calendly Book an appointment INTERESTING TIMES The finance newsletter you’ll actually want to read? We’ll do our best! Please enable JavaScript in your browser to complete this form.Please enable JavaScript in your browser to complete this form. 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(function(window, document) { document.documentElement.classList.remove("no-js"); if(navigator.userAgent.match(/(Android|iPod|iPhone|iPad|BlackBerry|IEMobile|Opera Mini)/)) { document.body.className += " using-mobile-browser mobile "; } if(navigator.userAgent.match(/Mac/) && navigator.maxTouchPoints && navigator.maxTouchPoints > 2) { document.body.className += " using-ios-device "; } if( !("ontouchstart" in window) ) { var body = document.querySelector("body"); var winW = window.innerWidth; var bodyW = body.clientWidth; if (winW > bodyW + 4) { body.setAttribute("style", "--scroll-bar-w: " + (winW - bodyW - 4) + "px"); } else { body.setAttribute("style", "--scroll-bar-w: 0px"); } } })(window, document); Skip to main content Close Search Menu WHAT WE DO WHO WE’RE FOR WHY CONCEPT BLOG CAREERS CONTACT AdviceHMRC HMRC sends warning about ‘tax refund companies’ By Mark14/08/2024No Comments Tax refund companies who make refund claims on your behalf are at the centre of a warning by HMRC. HM Revenue and Customs this month launched a campaign to raise awareness of the ‘tax experts’. They have warned that many charge a commission, even if you’re not entitled to a refund. We delve deeper to explain what tax refund companies are. We also explain how to spot them and why you can claim refunds without them. What are tax refund companies? Many people are contacted by businesses offering to help people who might be due a tax refund from HMRC. They offer to help claim refunds on a variety of taxes. For example, claiming marriage allowance and those who have spent money on tax deductible expenses. Such companies are legitimately run and will contact any taxpayer. While they are not illegal, the biggest issue is that their commission is high. And they will also take commission even if you are not eligible for refunds. A HMRC press release says, “Handing over your personal information could mean you end up having to pay back the full amount of any invalid claim made on your behalf, including any commission an agent has already taken. If it sounds too good to be true, it probably is.” HMRC has also warned some scammers pretend to be HMRC offering tax refunds to extract details from business owners. So, check out our earlier blog on how to spot a fake HMRC email. Do I need a tax refund firm? You can make claims directly to HMRC without charge. People who don’t understand tax, however, might find that daunting. And business owners are often so busy, they don’t have time to make claims. In such cases, speak to an accountant. Should you wish to make the claim yourself, then the Low Incomes Tax Reform Group has a simple step-by-step guide to making claims. How do tax refund companies work? Companies that offer tax refund services usually operate online and tend to advertise on social media. They say they’re HMRC approved, but that just means they are a registered agent, like an accountant. These companies ask people to complete a short questionnaire and then they decide if the individual is owed money. They usually offer to do that for free to give you a low-risk hook. The tax refund company will then make a charge for its help. Charges Each company charges different amounts – but HMRC has warned that some charge up to 48% plus VAT for simple claims! They usually charge an admin fee as well as a percentage of the refund. Sometimes charges are also added, such as for admin for transferring money into a person’s bank account. In the end, the fees end up outweighing the amount of the refund. What should I do? If you think you’re entitled to a tax refund, then speak to an accountant. You can contact our team if you need help with your tax affairs and tax planning. Search Concept Categories Food for thought 12 Limited company 18 News 66 Tax 28 Recent Posts What cash reserves does a business need? 3 reasons to set up subsidiary company What you need to know about director’s loans and S455 tax How your sales pipeline improves business finances Directors need to be ready for identity verification rules Next PostWhat’s so good about Xero for construction? What’s so good about Xero for construction? Recommended For You Food for thoughtAdviceTax 3 reasons to set up subsidiary company 3 reasons to set up subsidiary company Mark14/10/2025 Food for thoughtAdvice How late payments can affect business goals How late payments can affect business goals Mark21/08/2025 Food for thoughtAdvice How to prepare your business for a downturn How to prepare your business for a downturn Mark30/07/2025 NOT ALL GOALS ARE FINANCIAL. AND NOT ALL BALANCE IS ABOUT NUMBERS. Interested? Get in touch Our Office 23 Riverside Studios Newcastle Business Park Newcastle upon Tyne NE4 7YL Map Contact 0191 603 1760 [email protected] LinkedIn Concept | Mark Calendly Book an appointment INTERESTING TIMES The finance newsletter you’ll actually want to read? We’ll do our best! Please enable JavaScript in your browser to complete this form.Please enable JavaScript in your browser to complete this form. 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(function(window, document) { document.documentElement.classList.remove("no-js"); if(navigator.userAgent.match(/(Android|iPod|iPhone|iPad|BlackBerry|IEMobile|Opera Mini)/)) { document.body.className += " using-mobile-browser mobile "; } if(navigator.userAgent.match(/Mac/) && navigator.maxTouchPoints && navigator.maxTouchPoints > 2) { document.body.className += " using-ios-device "; } if( !("ontouchstart" in window) ) { var body = document.querySelector("body"); var winW = window.innerWidth; var bodyW = body.clientWidth; if (winW > bodyW + 4) { body.setAttribute("style", "--scroll-bar-w: " + (winW - bodyW - 4) + "px"); } else { body.setAttribute("style", "--scroll-bar-w: 0px"); } } })(window, document); Skip to main content Close Search Menu WHAT WE DO WHO WE’RE FOR WHY CONCEPT BLOG CAREERS CONTACT AdviceFood for thought What you need to know about VAT on food and drink By Mark14/08/2024No Comments To VAT or not to VAT, as Shakespeare never wrote! But there’s matter of VAT on food and drink bubbling away under the surface. And it’s all down to bubble tea! The cold drink that blends tea with milk, fruit juice, fruit and tapioca pearls is growing in popularity, according to reports. Over the past couple of years it has become a firm favourite, particularly with girls and young women between the ages of 10 to 20. Developed in Taiwan in the 1980s, bubble tea is so popular it has its own emoji. Its hashtag on TikTok records more than 8 billion views. But the storm brewing for bubble tea is whether the drink should attract standard-rates or zero-rates of VAT. That’s because the argument surrounds whether it is tea – which means it’s zero rate – or a soft drink, which attracts a standard rate of VAT. Cafés and coffee shops are a growing sector in the UK and Brits bought more food and drink from a café in January 2024 than in 2019. So, if you’re thinking about setting up a takeaway food business or food manufacturing business, just what do you need to know about VAT on food and drink? Jaffa cakes and VAT The question around whether bubble tea should attract standard 20% VAT or zero VAT is similar to the issue surrounding cakes and biscuits. The discussion started in 1991 when McVitie’s challenged HMRC about the fact they were cakes not biscuits. Cakes attract zero VAT because they are considered a staple food. Biscuits, on the other hand, are seen as luxury items, so are standard-rate VAT items. McVitie’s won after their lawyer pointed out that when stale jaffa cakes go hard. Biscuits go soggy! And in 2009, M&S won its battle against HMRC who said their chocolate teacakes were biscuits. Over 20 years, the taxman had charged £3.5m in VAT stating that they were biscuits. But after a 13-year legal fight, a court ruled that the teacake was a cake not a biscuit and M&S had been wrongly charged VAT. Jaffa cakes were at the centre of a row about VAT on food and drink. VAT on food and drink Just as cake and biscuits highlight, there are rules when it comes to food and drink and VAT. If you are not VAT registered and won’t reach the turnover threshold of £85,000, these rules don’t apply. For our deep dive about general VAT rules, read our earlier blog. If you are VAT registered and run a food and drink business you need to know about what attracts standard 20% VAT or zero-rate VAT. This applies to all food businesses, including cafés, takeaways, bar, retailers, producers, manufacturers and wholesalers. When working out whether to charge VAT on food and drink you need to decide: Should the item be charged at standard or zero rate? Is the food for human consumption? Are you supplying the food to eat in or take away? It’s also worth checking the government’s outline on VAT on services and goods. Which foods attract zero rate VAT? As ever with taxation rules, you need to be quite specific before coming to answer. Zero rates apply to all unprocessed food for human consumption. This includes: Fruit and vegetables Raw meat and fish Culinary herbs Cereals, nuts and pulses Most ingredients that are used to cook at home are zero-rated. The rules are that if the food has nutritional value they do not attract a VAT rate. Restaurants and VAT While supplying most of the ingredients is zero-rated, restaurants should always charge VAT at the standard rate. The rules are that anything made ‘in the course of catering’ attracts the standard-rate VAT. Catering is defined as: Food and drink prepared in restaurants, cafés, canteens, etc. The exception is cold food takeaway. Delivery of cooked ready-to-eat food Third party food and drink supplies (such as event caterers for conferences and weddings, for example) Supplying cooked and prepared food to a customer at home (hired chefs, for example) Zero rated food that are not classed ‘in the course of catering’ include cold takeaway food, groceries and food and drink that requires further preparation by the customer. VAT on takeaways When it comes to takeaways, there are, again, specific rules about whether the items attract a standard or zero rate of VAT. Baker and takeaway giant Greggs famously lobbied the government when it wanted to charge standard-rate VAT on hot, fresh takeaway foods. It became known as the ‘pasty tax’. The rule for takeaways is that the standard rate of VAT applies if: The food is standard-rated It is hot The food is eaten on the premises or at a designated eating area. Zero rates of VAT apply if the food is: Cold Supplied to be eaten away from the premises The food is zero-rated. What hot food and drink means The rates on hot food and drink depend on a number of rules. These include: The item has been heated to be consumed hot It’s kept hot after being heated The item is heated to order It is advertised and marketed in a way that indicates it is supplied hot. The basic rule of thumb is that a toasted sandwich attracts standard VAT rates of 20%, while a cold sandwich attracts the zero rate! What should I do? We recognise that the issue around VAT on food and drink is confusing. If you own a food and drink business and need help clarifying VAT, then contact our experienced team today. Search Concept Categories Food for thought 12 Limited company 18 News 66 Tax 28 Recent Posts What cash reserves does a business need? 3 reasons to set up subsidiary company What you need to know about director’s loans and S455 tax How your sales pipeline improves business finances Directors need to be ready for identity verification rules Next PostHMRC launches VAT registration estimator tool HMRC launches VAT registration estimator tool Recommended For You Food for thoughtUseful articles What cash reserves does a business need? What cash reserves does a business need? Mark29/10/2025 Food for thoughtAdviceTax 3 reasons to set up subsidiary company 3 reasons to set up subsidiary company Mark14/10/2025 Food for thoughtTax What you need to know about director’s loans and S455 tax What you need to know about director’s loans and S455 tax Mark25/09/2025 NOT ALL GOALS ARE FINANCIAL. AND NOT ALL BALANCE IS ABOUT NUMBERS. Interested? Get in touch Our Office 23 Riverside Studios Newcastle Business Park Newcastle upon Tyne NE4 7YL Map Contact 0191 603 1760 [email protected] LinkedIn Concept | Mark Calendly Book an appointment INTERESTING TIMES The finance newsletter you’ll actually want to read? We’ll do our best! Please enable JavaScript in your browser to complete this form.Please enable JavaScript in your browser to complete this form. 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(function(window, document) { document.documentElement.classList.remove("no-js"); if(navigator.userAgent.match(/(Android|iPod|iPhone|iPad|BlackBerry|IEMobile|Opera Mini)/)) { document.body.className += " using-mobile-browser mobile "; } if(navigator.userAgent.match(/Mac/) && navigator.maxTouchPoints && navigator.maxTouchPoints > 2) { document.body.className += " using-ios-device "; } if( !("ontouchstart" in window) ) { var body = document.querySelector("body"); var winW = window.innerWidth; var bodyW = body.clientWidth; if (winW > bodyW + 4) { body.setAttribute("style", "--scroll-bar-w: " + (winW - bodyW - 4) + "px"); } else { body.setAttribute("style", "--scroll-bar-w: 0px"); } } })(window, document); Skip to main content Close Search Menu WHAT WE DO WHO WE’RE FOR WHY CONCEPT BLOG CAREERS CONTACT AdviceFood for thoughtUseful articles What do I need to know about stocktaking? By Mark08/10/2024No Comments If your business sells products then you need to know about stocktaking. Stocktaking is also known as inventory counting. It is the term for keeping track of what you have bought, work-in-progress and finished items that are not yet sold. It is important to keep an inventory of items so you have an accurate valuation of your stock. This helps ensure your balance sheet reflects the company’s assets correctly. If it sounds overwhelming for small businesses, don’t worry. Even large businesses can fall foul of poor stocktaking! In 2019, fashion brand Ted Baker was forced to make an announcement that it had overstated the value of its inventory by £20 million! That means its gross profits were too high. What that meant was its current assets and income tax expense was also too high. It resulted in the business losing millions in its value to shareholders. Businesses overstating inventory can end up with cash flow issues. So, it’s important to get on top of your stocktaking. What do I need to know about stocktaking? Failing to understand the importance of inventory counting could mean your business isn’t as healthy and efficient as it should be. There are several reasons why inventory or stocktaking helps businesses, including: Prevents overstocking and stock-outs If you’re not keeping tabs on your inventory, you could end up with a stock issue. Ordering items that are not selling well means you’ll end up with too much of certain items. It could be devaluing while it sits there for months on end. As a result, you might need to sell at a lower price to move the stock. This hits your bottom line and reduces profitability. And then there are stock-outs. This is where you end up running out of stock. If you have a popular item and run out, customers could go elsewhere. This might mean they don’t come back, so inventory counting is crucial. Theft prevention It is unfortunate, but some employees do like to help themselves! Latest data suggests that there was a 19% increase in employee thefts. The study reveals almost 6,000 workers were stealing from employers! Regular inventory means discrepancies are uncovered, which might indicate theft before it gets out of hand. Inventory counting is, therefore, crucial for reducing loss and increases security. Helps make financial decisions Understanding what stock is slow to move and what is popular helps you make decisions about finances. You can invest in stock that sells quickly and boost your profits and cash flow. That’s better than using your cash on stock that won’t move and hits your bottom line. Reduces holding costs It costs money to holding onto excess stock. Getting a grip of your inventory counting means you can adjust your ordering and stocking practices. You don’t want to spend money on space or storing goods that aren’t moving. For example, if they need refrigeration or special conditions you may be spending money on storage you don’t need. Better efficiency Inventory counting improves your efficiency because you physically know what stock is moving and what isn’t. When uncovering inconsistencies you can establish new protocols for greater accuracy. In turn, this leads to increased efficiencies in your warehouse operations. Compliance Some businesses must comply with industry regulations or customer requirements and physical counts. This data shows industry regulators that your business is meeting their rules. By neglecting stocktaking, you could end up breaching regulations, which can pose a risk to your business. Better management of finances As well as understanding your customers, stocktaking also helps your financial management. This includes the cost of goods sold (COGS) calculations and tax reporting. Keeping your stocktaking under control can help reduce errors in financial reporting. That not only means you are compliant, you’re also paying the correct amount of taxes, so your business is in good shape. How do I start? If you need help understanding stocktaking – or inventory counting – then contact our team today for a no obligation chat. We help business owners make sense of the numbers and remove the stress of all things accounting and tax related. Search Concept Categories Food for thought 12 Limited company 18 News 66 Tax 28 Recent Posts What cash reserves does a business need? 3 reasons to set up subsidiary company What you need to know about director’s loans and S455 tax How your sales pipeline improves business finances Directors need to be ready for identity verification rules Next PostHow can business grants help you? How can business grants help you? Recommended For You Food for thoughtUseful articles What cash reserves does a business need? What cash reserves does a business need? Mark29/10/2025 Food for thoughtAdviceTax 3 reasons to set up subsidiary company 3 reasons to set up subsidiary company Mark14/10/2025 Food for thoughtTax What you need to know about director’s loans and S455 tax What you need to know about director’s loans and S455 tax Mark25/09/2025 NOT ALL GOALS ARE FINANCIAL. AND NOT ALL BALANCE IS ABOUT NUMBERS. Interested? Get in touch Our Office 23 Riverside Studios Newcastle Business Park Newcastle upon Tyne NE4 7YL Map Contact 0191 603 1760 [email protected] LinkedIn Concept | Mark Calendly Book an appointment INTERESTING TIMES The finance newsletter you’ll actually want to read? We’ll do our best! Please enable JavaScript in your browser to complete this form.Please enable JavaScript in your browser to complete this form. 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(function(window, document) { document.documentElement.classList.remove("no-js"); if(navigator.userAgent.match(/(Android|iPod|iPhone|iPad|BlackBerry|IEMobile|Opera Mini)/)) { document.body.className += " using-mobile-browser mobile "; } if(navigator.userAgent.match(/Mac/) && navigator.maxTouchPoints && navigator.maxTouchPoints > 2) { document.body.className += " using-ios-device "; } if( !("ontouchstart" in window) ) { var body = document.querySelector("body"); var winW = window.innerWidth; var bodyW = body.clientWidth; if (winW > bodyW + 4) { body.setAttribute("style", "--scroll-bar-w: " + (winW - bodyW - 4) + "px"); } else { body.setAttribute("style", "--scroll-bar-w: 0px"); } } })(window, document); Skip to main content Close Search Menu WHAT WE DO WHO WE’RE FOR WHY CONCEPT BLOG CAREERS CONTACT AdviceHMRCTax What do I need to know about HMRC tax investigations? By Mark27/11/2024No Comments The thought of facing a HMRC tax investigation worries most business owners. But if you have been reporting your financial matters correctly, there’s nothing to fear. Of course, tax investigations take time – even if you do have everything in order. And that’s why business owners shudder at the thought of an investigation. With Rachel Reeves pledging to invest over £500 million into HMRC extra investigations before the election, chances are more businesses will be receiving a letter over the coming years! That’s because the National Audit Office reckons £5.5 billion of taxes was lost in 2022-2023. And it states that 81% of that is from small businesses. And latest figures show that the tax agency paid out nearly £1 million for tip offs! So they’re clearly taking tax fraud seriously. So, let’s take a look at what you need to know about HMRC tax investigations. What are HMRC tax investigations? An investigation from HMRC is simply the tax authority taking a detailed look into your company’s and sometimes your finances. There are a number of reasons why your business might be chosen for an investigation. But if you’re aware of those reasons, you can rest easy knowing you’re not being unfairly targeted. HMRC can legally check your affairs to ensure that you and your company are paying the correct amount of tax. Businesses that are selected will receive an official letter from HMRC or a phone call. Be aware that with increasing numbers of scam calls, HMRC will never call to ask you for bank details or to request you make payments over the phone. The investigations are not limited to income tax. Investigators will also be looking at: Company Tax returns Taxes you pay Accounts and tax calculations PAYE records and returns, if you’re an employer VAT returns and records Types of tax investigations There are three levels of tax audits that HMRC carries out. These are: Full enquiry Aspect enquiry Random check Full enquiry: If HMRC carries out this enquiry, your entire business records are reviewed. This is usually because they believe there is a significant risk of error in your tax. Company directors of limited companies may find that HMRC looks at their tax affairs as well as those of the business. This is the most time consuming enquiry. Aspect enquiry: This enquiry is when HMRC believes there is a specific aspect of your tax return that needs investigating. That could be because they believe there is a discrepancy in your tax return or a change in your company’s activities. It is usually less intrusive than a full enquiry but is often time consuming. Random check: As the name suggests, you and your business may not have any issues. But HMRC selects a small percentage of tax returns to investigate at random. They usually only look at the past four years of accounts. Why I might face HMRC tax investigations There are several reasons why you might be investigated by HMRC. Don’t assume they are accusing you of criminal activity and trying to catch you out. Tax affairs are not simple, so HMRC will often check that any discrepancy is an honest mistake. These are the most common reasons for HMRC investigations… Mistakes and omissions. A simple case of forgetting to tick a box may lead to an inconsistency. And that can mean you’ve paid too much tax as well as not enough! If you have your documentation in order, it should be a quick problem to resolve. Your business is in a target area. Some sectors are under more scrutiny from HMRC than others because the industry has a reputation for tax shortfalls. Another reason is that you ticked a box that says you have more than one income. In which case, they are likely to be more interested in your tax affairs. You’re deemed a risk. Trades that deal with cash payments are often seen as a risk of avoiding tax. Also, if you have had high levels of money going into and out of your personal and business accounts, HMRC may decide to investigate. You’re raising alarms. If you’re always late submitting your tax return or have expenses that are higher than your income, HMRC will become suspicious. That could trigger an investigation. What about tip offs? Although HMRC receives many tip offs they can’t investigate them all. In 2023/24, 151,763 anonymous tips offs reporting tax fraud were received. But HMRC doesn’t have enough staff to investigate every one of them. That means if you get a letter, then it’s either down to an error, your type of business or it’s a random choice. If everything is in order, you don’t have anything to worry about. If it isn’t, then don’t leave until you receive a letter! Preparing for an investigation If you are being investigated by HMRC, then you must be prepared to put time and resources aside. Ignoring it will only make things worse. Like any project, you need to budget time to get everything together, so may need to pass other work to colleagues. Make sure you bring in extra accounting help. Accountants understand the jargon so you won’t feel overwhelmed by any questions HMRC asks. If you would like more information or help, you can contact our team today. Search Concept Categories Food for thought 12 Limited company 18 News 66 Tax 28 Recent Posts What cash reserves does a business need? 3 reasons to set up subsidiary company What you need to know about director’s loans and S455 tax How your sales pipeline improves business finances Directors need to be ready for identity verification rules Next PostWhat the Budget means for your business What the Budget means for your business Recommended For You Food for thoughtAdviceTax 3 reasons to set up subsidiary company 3 reasons to set up subsidiary company Mark14/10/2025 Food for thoughtTax What you need to know about director’s loans and S455 tax What you need to know about director’s loans and S455 tax Mark25/09/2025 Food for thoughtAdvice How late payments can affect business goals How late payments can affect business goals Mark21/08/2025 NOT ALL GOALS ARE FINANCIAL. AND NOT ALL BALANCE IS ABOUT NUMBERS. Interested? Get in touch Our Office 23 Riverside Studios Newcastle Business Park Newcastle upon Tyne NE4 7YL Map Contact 0191 603 1760 [email protected] LinkedIn Concept | Mark Calendly Book an appointment INTERESTING TIMES The finance newsletter you’ll actually want to read? We’ll do our best! Please enable JavaScript in your browser to complete this form.Please enable JavaScript in your browser to complete this form. 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(function(window, document) { document.documentElement.classList.remove("no-js"); if(navigator.userAgent.match(/(Android|iPod|iPhone|iPad|BlackBerry|IEMobile|Opera Mini)/)) { document.body.className += " using-mobile-browser mobile "; } if(navigator.userAgent.match(/Mac/) && navigator.maxTouchPoints && navigator.maxTouchPoints > 2) { document.body.className += " using-ios-device "; } if( !("ontouchstart" in window) ) { var body = document.querySelector("body"); var winW = window.innerWidth; var bodyW = body.clientWidth; if (winW > bodyW + 4) { body.setAttribute("style", "--scroll-bar-w: " + (winW - bodyW - 4) + "px"); } else { body.setAttribute("style", "--scroll-bar-w: 0px"); } } })(window, document); Skip to main content Close Search Menu WHAT WE DO WHO WE’RE FOR WHY CONCEPT BLOG CAREERS CONTACT Company DirectorsAdvice What you need to know about statutory sick pay for directors By Mark17/12/2024No Comments Statutory sick pay for directors is something that probably never enters your mind – until you’re ill. But can directors claim Statutory Sick Pay (SSP)? While SSP isn’t always as generous for directors as it is for employees, they can claim. But if you’re self-employed, we’re sorry to say that you cannot access SSP. So let’s unpack all that directors need to know. Taking time off No one likes to be ill, but it happens to us all at some time. Sickness from work increased by 55% in the past five years – although that includes the ‘pandemic years’, so it’s not entirely surprising. For directors, it can be more difficult to have to take time off. With so much to do and many people looking to you to run the business, taking sick leave is often a last resort. But if you’re unwell, it’s wise to stay out of the workplace. According to Occupational Health experts, transmission of viruses increases when people go to work whilst ill. They say failing to take time off means the sickness of one person can quickly increase to losing a number of employees due to the illness. Statutory sick pay for directors As company directors are classed as officers, they are treated as employees for tax purposes. This means if they cannot work through injury or illness, they are entitled to claim SSP. To qualify, directors must: Have been poorly for at least four consecutive days – this includes bank holidays, weekends and non-working days. Be paid weekly average earnings of at least £123 – including wages and dividends. If the director’s total annual income exceeds the tax-free personal allowance, SSP is subject to the usual income tax and National Insurance payments. The allowance is £12,750 for the current tax year. SSP payments usually start from the fourth day of absence. The three previous days are classed as ‘waiting days’ and you can only claim SSP for those days if you’ve already received sick pay within the past eight weeks. The rate of SSP is £116.75 per week for a maximum of 28 weeks. But this all depends on the contract. If a director is paid by formal resolution or determination of directors, payments differ. HMRC outlines this on their website. The website also includes a SSP calculator. Should a director take SSP? As SSP comes from company funds, many directors decide not to take it as it reduces profits. A reduction in profit will mean that they will lose out as the value of their shareholding reduces. But SSP could result in a net gain, as your company might be entitled to claim money back from the government. Companies with lower wage bills could be entitled to reclaim all or part of the SSP paid, which includes directors, through reduced PAYE payments. A written request can be submitted to HMRC if no PAYE is paid or the entitlement is insufficiently reclaimed. Ultimately, you have a few things to weigh up if you’re considering Statutory Sick Pay for directors. Can a director claim Employment and Support Allowance? People who are struggling to work due to illness or disability can claim a state benefit called Employment and Support Allowance (ESA). This is available to employees and directors as well as the self-employed. To be eligible you must: Have a health condition or disability that affects how much you can work. Not be claiming SSP, statutory maternity pay or Jobseekers’ Allowance Be under state pension age Have paid enough National Insurance contributions (NICs) in the last two to three years. How much you receive depends on a number of factors, including your age, household income, savings and whether you are able to return to work. What about Universal Credit? If you are ill for a long period of time, you might be eligible for Universal Credit. This is paid for anyone who is unable to work, are on a low income or unemployed. What you receive depends on your household income. For more details, check out government’s website. What should I do if I’m ill? If you are ill and cannot work, then you should consider claiming SSP. But it’s also worth planning ahead as the benefits may not cover your living expenses. For example, you may want to consider income protection insurance. Many large companies set up group income protection (GIP) schemes. These provide income to directors and employees if they cannot work for some time due to ill health or injury. Directors of small companies can also protect their own income. You can consider: Payment Protection Insurance Critical illness cover Accident, sickness and unemployment insurance Mortgage payment protection insurance If you would like more details about SSP for directors as well as other payment protection cover, contact our team today. We would love to help you and your business. Search Concept Categories Food for thought 12 Limited company 18 News 66 Tax 28 Recent Posts What cash reserves does a business need? 3 reasons to set up subsidiary company What you need to know about director’s loans and S455 tax How your sales pipeline improves business finances Directors need to be ready for identity verification rules Next PostWhat do I need to know about HMRC tax investigations? What do I need to know about HMRC tax investigations? Recommended For You Food for thoughtAdviceTax 3 reasons to set up subsidiary company 3 reasons to set up subsidiary company Mark14/10/2025 Food for thoughtAdvice How late payments can affect business goals How late payments can affect business goals Mark21/08/2025 Food for thoughtAdvice How to prepare your business for a downturn How to prepare your business for a downturn Mark30/07/2025 NOT ALL GOALS ARE FINANCIAL. AND NOT ALL BALANCE IS ABOUT NUMBERS. Interested? Get in touch Our Office 23 Riverside Studios Newcastle Business Park Newcastle upon Tyne NE4 7YL Map Contact 0191 603 1760 [email protected] LinkedIn Concept | Mark Calendly Book an appointment INTERESTING TIMES The finance newsletter you’ll actually want to read? We’ll do our best! Please enable JavaScript in your browser to complete this form.Please enable JavaScript in your browser to complete this form. 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(function(window, document) { document.documentElement.classList.remove("no-js"); if(navigator.userAgent.match(/(Android|iPod|iPhone|iPad|BlackBerry|IEMobile|Opera Mini)/)) { document.body.className += " using-mobile-browser mobile "; } if(navigator.userAgent.match(/Mac/) && navigator.maxTouchPoints && navigator.maxTouchPoints > 2) { document.body.className += " using-ios-device "; } if( !("ontouchstart" in window) ) { var body = document.querySelector("body"); var winW = window.innerWidth; var bodyW = body.clientWidth; if (winW > bodyW + 4) { body.setAttribute("style", "--scroll-bar-w: " + (winW - bodyW - 4) + "px"); } else { body.setAttribute("style", "--scroll-bar-w: 0px"); } } })(window, document); Skip to main content Close Search Menu WHAT WE DO WHO WE’RE FOR WHY CONCEPT BLOG CAREERS CONTACT AdviceTaxUseful articles What you need to know about moving your business abroad By Mark28/04/2025No Comments If you’re considering moving your business abroad, you’re not alone. According to a recent poll, a large number of UK business owners are considering a move out of the country. A recent survey of 500 business owners found that almost half were considering the move. They say that tax increases and additional costs in light of last year’s Budget is going to make doing business in the UK difficult. And for that reason, they want to move. If you’re one of those business owners considering moving your business abroad, here are some considerations you need to make. Thinking of moving your business abroad? If you are considering moving your business abroad, there are plenty of considerations to make. Doing business in a different country means getting to know a new market as well as getting to grips with legal issues. And then there’s the fact there are tax and legal requirements to tackle here before, during and after moving your business. Changes to rules in the UK mean HMRC has the right to pursue your tax debts in 167 territories. And that number is increasing. So, you need to ‘get your house in order’ before making any move. Failing to do so could cost you more than you originally planned. Can I move my limited company abroad? You can certainly move your UK limited company overseas. Many large corporations operate from different countries. But they usually have the legal and financial backing to do so. There are lots of issues for SME business owners to consider before making a move. From day one, you need to do your research about the country you’re thinking of moving to. You need to find out what regulations and laws are in place for your company in that country. This alone might make you rethink. You’re unlikely to be taking your employees with you, so consider the workforce available in the country you’re moving to. And think about the wages. In some countries, salaries are lower than the UK. But that’s not always the case. When it comes to legal issues, you need to employ the services of lawyers in that country. Remember, most legal firms in the UK will not have the required expertise of the legal structure in other countries. You also need to decide on your company’s business structure. What type of business structure? Your choice mainly depends on the rules of the country you’re moving to. You could relocate your headquarters. This means moving all decision-making, operations and management to another country. You would have to establish that all management is now taking place outside the UK to satisfy HMRC that you are not simply dodging UK tax laws. There are other business structure options: Set up a subsidiary: This means the business remains active in the UK and it expands its presence around the world. Subsidiaries operate under the laws of the country in which the company is based. That might mean benefits including lower taxes or access to new markets. Redomicilation: Not all countries offer this process, which is a legal transfer from one country to another. You effectively change the citizenship of the company but the organisational and legal structure remains the same. It’s complex and you’ll need a legal expert behind you. What about tax implications? There are a number of tax implications when moving a business abroad. These can be costly and could seriously lower your profits during the move. Corporation tax Relocating your business could make an impact on your tax implications. It depends on whether your company is no longer a UK resident. Companies that are resident in the UK are taxed on income worldwide. If a business is a non-resident company it is only taxed on UK income. But becoming ‘non-resident’ is more than just changing an address. As we’ve already mentioned, you must prove that all central management and control has moved out of the UK. Capital gains tax Moving your business abroad might mean paying capital gains tax if you dispose of certain assets. For example, selling vehicles in the UK that you cannot take abroad or equipment that is too difficult to relocate. Also, there are rules for intangible assets – such as intellectual property – which create a tax liability even if no physical assets are sold. VAT Businesses that continue to operate in the UK will need to pay value added tax on sales here. Relocating your business could mean you need to register for VAT in your new country. Each country has different VAT regulations, so do your research before making a decision. What about double taxation? You need to properly plan to ensure you’re not paying tax twice! The UK has something called ‘double taxation agreements’ with many countries. This provides relief by allocating taxation rights between the two countries and avoids double taxation. You can also restructure business operations to mitigate double taxation. What should I do next? Relocating a business outside the UK isn’t a simple process. If you would like to chat about moving your business abroad we can help. Contact us today for more information. Search Concept Categories Food for thought 12 Limited company 18 News 66 Tax 28 Recent Posts What cash reserves does a business need? 3 reasons to set up subsidiary company What you need to know about director’s loans and S455 tax How your sales pipeline improves business finances Directors need to be ready for identity verification rules Next PostWhat are National Insurance Contributions? What are National Insurance Contributions? Recommended For You Food for thoughtUseful articles What cash reserves does a business need? What cash reserves does a business need? Mark29/10/2025 Food for thoughtAdviceTax 3 reasons to set up subsidiary company 3 reasons to set up subsidiary company Mark14/10/2025 Food for thoughtTax What you need to know about director’s loans and S455 tax What you need to know about director’s loans and S455 tax Mark25/09/2025 NOT ALL GOALS ARE FINANCIAL. AND NOT ALL BALANCE IS ABOUT NUMBERS. Interested? Get in touch Our Office 23 Riverside Studios Newcastle Business Park Newcastle upon Tyne NE4 7YL Map Contact 0191 603 1760 [email protected] LinkedIn Concept | Mark Calendly Book an appointment INTERESTING TIMES The finance newsletter you’ll actually want to read? We’ll do our best! Please enable JavaScript in your browser to complete this form.Please enable JavaScript in your browser to complete this form. 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Ensuring your business isn’t missing out revenue will help you meet your business. But VAT is a complex area. And many company directors admit to not fully understanding the rates and schemes. In fact, a report says that businesses are losing 12% of revenue through unclaimed VAT. What’s more challenging is claiming VAT back and knowing the instances where you can and cannot. To help, we’ve complied this useful guide. What is VAT? VAT is a tax that’s applied to certain goods and services. When VAT is applied to items used by consumers, such as food from takeaways, it is already applied. But for business, you see prices with and without VAT added, such as when buying from stationery companies. Working out the tax is important so you charge clients correctly, and so that you pay the right amount to suppliers. VAT is currently charged at 20% in the UK, which means 20% of the total amount is dealt with by HMRC. Businesses that are VAT registered must charge and pay VAT. If you’re unsure about whether to register, here’s all you need to know. Claiming VAT back HMRC’s says claiming VAT back is only allowable on goods and services that are used ‘wholly and exclusively’ for your business. Whether that’s office supplies or accountancy costs, they count as they’re exclusively for the purpose of your business. Where you partially use something – such as broadband at home – then you only claim a proportion of the VAT. This is equal to how much is used for your business. There are exceptions to the rule. These include: Personal use of goods and services. Putting something ‘through the company’, such as a new laptop, is now allowable. You cannot claim VAT back because it’s not an allowable business expense. Goods and services used for VAT-exempt products and services. Buying services, such as insurance services, or materials that your business then uses to create new products are exempt from VAT. That means you cannot claim VAT back as it wasn’t originally charged. Business entertainment costs. While you may make an expense claim for entertaining, you cannot claim the VAT. That’s because the people being entertained are not employees. Used goods. If you buy second-hand goods, they have different rules when it comes to reclaiming VAT. Claiming VAT on previous costs If you decide to register to VAT you can use your first Return to claim back VAT costs your business previously incurred. You only get one opportunity to claim back previous costs and there are limits. Travel and food If you or an employee travel solely for business reasons, such as visiting a client or attending a trade show, you can claim back VAT on travel costs. This includes hot food and accommodation, such as a hotel. VAT cannot be claimed on travel costs to and from work, nor allowable on public transport as it’s zero-rated. Keeping your records Keeping accurate records is essential when claiming back VAT. You’ll need to show evidence of payment with either: Receipts: Retail receipts don’t always include VAT but can be used if the purchase was less than £250. You need to calculate the VAT element. VAT invoices: These show the rate and amount you’ve paid from a VAT-registered business. It also includes a VAT number. Proof of transaction: It is still possible to claim VAT even without a receipt. You need proof of purchase, such as a bank statement, that shows the amount paid. How to claim it back You must complete a VAT Return, usually each quarter. If filling in the online return you must enter how much VAT your business was charged in the three-month accounting period. This is known as input VAT. HMRC needs you to calculate how much VAT our business has been charged during the same period. This is output VAT. By completing your Return, HMRC automatically calculates if your’e due a refund for that accounting period. If you need help with your VAT Returns, contact us today for details. Search Concept Categories Food for thought 12 Limited company 18 News 66 Tax 28 Recent Posts What cash reserves does a business need? 3 reasons to set up subsidiary company What you need to know about director’s loans and S455 tax How your sales pipeline improves business finances Directors need to be ready for identity verification rules Next PostWhat are Enterprise Investment Schemes? What are Enterprise Investment Schemes? Recommended For You Food for thoughtUseful articles What cash reserves does a business need? What cash reserves does a business need? Mark29/10/2025 Food for thoughtAdviceTax 3 reasons to set up subsidiary company 3 reasons to set up subsidiary company Mark14/10/2025 Food for thoughtTax What you need to know about director’s loans and S455 tax What you need to know about director’s loans and S455 tax Mark25/09/2025 NOT ALL GOALS ARE FINANCIAL. AND NOT ALL BALANCE IS ABOUT NUMBERS. Interested? Get in touch Our Office 23 Riverside Studios Newcastle Business Park Newcastle upon Tyne NE4 7YL Map Contact 0191 603 1760 [email protected] LinkedIn Concept | Mark Calendly Book an appointment INTERESTING TIMES The finance newsletter you’ll actually want to read? We’ll do our best! Please enable JavaScript in your browser to complete this form.Please enable JavaScript in your browser to complete this form. 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(function(window, document) { document.documentElement.classList.remove("no-js"); if(navigator.userAgent.match(/(Android|iPod|iPhone|iPad|BlackBerry|IEMobile|Opera Mini)/)) { document.body.className += " using-mobile-browser mobile "; } if(navigator.userAgent.match(/Mac/) && navigator.maxTouchPoints && navigator.maxTouchPoints > 2) { document.body.className += " using-ios-device "; } if( !("ontouchstart" in window) ) { var body = document.querySelector("body"); var winW = window.innerWidth; var bodyW = body.clientWidth; if (winW > bodyW + 4) { body.setAttribute("style", "--scroll-bar-w: " + (winW - bodyW - 4) + "px"); } else { body.setAttribute("style", "--scroll-bar-w: 0px"); } } })(window, document); Skip to main content Close Search Menu WHAT WE DO WHO WE’RE FOR WHY CONCEPT BLOG CAREERS CONTACT Food for thoughtTax What you need to know about director’s loans and S455 tax By Mark14/10/2025No Comments Taking a director’s loan from a business isn’t unusual. But if you do, you must repay it within a set time or face paying S455 (Section 455) tax. HMRC earlier this year wrote to company directors who held a loan that was released or written off between 2019-2023 and hadn’t disclosed it as part of a crackdown. Understanding the implications of the S455 tax is essential because getting it wrong could lead to an unexpected bill. Of course, using an accountant with experience is essential. But it’s always a good idea to get to grips with how things work so you always give your accountant the right information. If you are a director of a limited company, the cash belongs to the business, not you. That means you can’t just take funds. Instead, you must be paid by salary or dividends. And should there be an occasion where you need a little extra, you then take a director’s loan. We’ve looked already at what constitutes a director’s loan and how they work. You can check that out here. So, let’s look at what the Section 455 loan is and how it might affect you. What is S455 tax? Section 455 (S455) of the Corporation Tax Act 2010 applies to director’s loans that are unpaid after an authorised period. You must pay back the loan in full within nine months and one day after your company’s financial year-end. Failing to make the full repayment will result in you incurring S455 tax. Here’s an example of how it works. Let’s say your company’s financial year runs from April 1 to March 31 and a director’s loan is paid to you on March 1. If you repay the loan before January 1, there will be no tax to pay. But should you still have repayments to make by January 1, then the loan will be subject to the S455 tax, which is 33.75%. That’s the same higher rate of dividend tax that would be charged if the funds were declared as a dividend instead of a loan. That means a £5,000 loan unpaid by the deadline would incur S455 tax of £1,687.50! How do you pay S455 tax? S455 tax is paid when you pay the rest of your Corporation Tax bill. But because it is classed as a ‘temporary tax’, you can reclaim the tax you paid from HMRC once the loan is paid in full. But if you have paid any interest, it cannot be reclaimed. The tax can be reclaimed 9 months and 1 day after the end of the Corporation Tax accounting period when the loan was repaid, written off or released. These claims should be made within 4 years. A director’s loan can be repaid with cash or it can be possible to reallocate some shares of the company for some or all of the outstanding loan as a dividend instead. This effectively reduces the loan balance. Multiple director’s loans HMRC has rules about the dates loans are taken and the amount that was loaned. This is to clampdown on directors taking a loan, repaying it in full within 30 days and then taking out another loan for the same amount. This is classed as ‘Bed and Breakfasting’. And HMRC will class this as the original loan and they won’t class it as being repaid. Legally, you must keep track of the dates and amounts taken. Failing to do so could mean you can unintentionally fall into the trap! If you take out more than one director’s loan, it is essential that you keep track of and repay them all on time. Failing to do so could mean HMRC claiming S455 tax is charged on the whole amount of multiple loans rather than just the one outstanding balance. Speaking to your accountant will help ensure you pay what you really owe. You can contact our experienced team for a no obligation chat. What if the company closes? The director or directors of a company that ceases trading with outstanding loan balance might have to reclassify outstanding loans as income or distribution and the tax. You might also need to pay National Insurance. Where a company becomes insolvent, the director or directors could be pursued by an individual or appointed company to recover monies owed. This includes any outstanding director’s loans where the account is in debit. What to do next If you’re unsure about S455 tax or director’s loans, we can help. Contact us today for details. Search Concept Categories Food for thought 12 Limited company 18 News 66 Tax 28 Recent Posts What cash reserves does a business need? 3 reasons to set up subsidiary company What you need to know about director’s loans and S455 tax How your sales pipeline improves business finances Directors need to be ready for identity verification rules Next PostHow your sales pipeline improves business finances How your sales pipeline improves business finances Recommended For You Food for thoughtUseful articles What cash reserves does a business need? What cash reserves does a business need? Mark29/10/2025 Food for thoughtAdviceTax 3 reasons to set up subsidiary company 3 reasons to set up subsidiary company Mark14/10/2025 Food for thought How your sales pipeline improves business finances How your sales pipeline improves business finances Mark16/09/2025 NOT ALL GOALS ARE FINANCIAL. AND NOT ALL BALANCE IS ABOUT NUMBERS. Interested? Get in touch Our Office 23 Riverside Studios Newcastle Business Park Newcastle upon Tyne NE4 7YL Map Contact 0191 603 1760 [email protected] LinkedIn Concept | Mark Calendly Book an appointment INTERESTING TIMES The finance newsletter you’ll actually want to read? We’ll do our best! Please enable JavaScript in your browser to complete this form.Please enable JavaScript in your browser to complete this form. 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You’ll be interested in Concept Accountancy. Not All Goals Are Financial. And Not All Balance Is About Numbers. Because we’re genuinely interested in you – inside and outside your business – we’re interested to learn what you want from life as well as work. You want 15% year-on-year turnover growth? Let’s talk. You want 100% more days cycling on Druridge Bay Beach in Newquay next year, than you had this year ? Now you’re talking. Accountancy With Interest. Founded in 2014, we’re a growing team of accountants in Newcastle upon Tyne. One of us will be dedicated to looking after you and yours. After all, if we don’t show a real interest in you and your business, how on earth can we maintain our claim as the Northeast’s most interested (and interesting!) accountants? Please call 0191 603 1760, complete this form or email [email protected] to say hello. Ask anything. We’ll get back to you today or tomorrow. You want 15% year-on-year turnover growth? Let’s talk. 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