Accounting Resources

A practical, easy-to-follow guide to business insurance for UK limited company contractors. Find out which types of cover you need, what clients expect, how IR35 fits in, and what to consider when working from home or hiring subcontractors. Stay protected, compliant, and confident.

S455 tax can catch business owners off guard when a director borrows money from their company and fails to repay it within the required timeframe. This post breaks down everything you need to know about s455 tax — what triggers it, who is responsible for paying it, and how you can avoid unexpected tax charges. From repaying loans on time to understanding how tax is calculated, we offer actionable insights for directors on how to manage their loans and minimize exposure to s455 tax. Stay compliant, save money, and avoid penalties!

"In this world, nothing is certain except death and taxes." — Benjamin Franklin. And yet, understanding your tax code can feel just as mysterious as the afterlife. Every year, thousands of people in the UK overpay or underpay their tax without realising. Why? Because they don't fully understand those random-looking numbers and letters on their payslips. Let's change that. In this guide, I’ll walk you through everything you need to know about UK tax codes — what they mean, how they’re calculated, and what to do if something doesn’t look right. I’ll share real examples and tips from the trenches so you can navigate the system with more confidence (and maybe a little less frustration).

Thinking of dipping into your company funds? Before you do, make sure you understand how director’s loans really work. This clear, conversational guide explains what a director’s loan is, when it becomes taxable, and how to avoid costly mistakes with HMRC. Packed with real-life examples and practical advice, it’s a must-read for company directors who want to borrow smart — and stay compliant.

Inside IR35 doesn’t have to mean the end of your contracting freedom. In this practical, jargon-free guide, we break down what it really means to be caught inside IR35, how it affects your tax, your rights, and your next contract. With real-life stories, tips on expenses, and actionable advice, this is your go-to resource for surviving and thriving inside IR35.

As of April 2025, furnished holiday lettings (FHLs) no longer benefit from their previous tax advantages and are now taxed like standard residential rental properties in the UK. Landlords can no longer claim upfront capital allowances, and mortgage interest relief is limited to a 20% basic rate tax credit. Pension contributions can’t be deducted from rental income, and the cost of furniture can only be claimed when items are replaced. Capital Gains Tax reliefs, including Business Asset Disposal Relief and rollover relief, have also been withdrawn, potentially increasing tax liabilities when selling a property. These changes significantly impact the profitability of holiday lets and should be factored into future tax planning. Holiday property owners must ensure they’re fully up to date with the new FHL tax rules now in effect.

Working through an umbrella company is common for UK contractors and agency workers, but it’s important to understand how they operate. Let's consider what umbrella companies are, how PAYE and tax compliance work, and what warning signs to watch out for. Stay informed to protect your pay, rights, and avoid unexpected tax liabilities.

Thinking of taking a break from contracting or switching to umbrella work? Learn what it means to make your limited company dormant, why it might be the smarter move than closing it, and what you still need to file to stay compliant. Simple, straight-talking advice for UK contractors and freelancers who want to keep their options open.

Each tax year, UK individuals benefit from a Capital Gains Tax (CGT) annual exemption – a valuable allowance that enables gains up to a certain threshold to be made free of tax. However, with recent reductions in this exemption, it’s more important than ever to make the most of it.