Directors Archives - Potts & Co

Jun 08 2026

Loans To Directors: Tax Rate Increased

By admin Corporation Tax, Directors, HMRC, Loans, Potts & Co Accountancy & Business Advice News

An outstanding loan to a director or shareholder from a close company can trigger a tax charge under Section 455 of the Corporation Tax Act 2010. The director's loan account is generally used to account for temporary withdrawals from the business for the director's personal spending. However if the director…

Jun 07 2026

Reporting Requirements For Directors

By admin Directors, HMRC, Potts & Co Accountancy & Business Advice News, Self Assessment

From the tax year 2025-26 directors of close companies are required to provide additional information in their tax returns, even where no income has been received. HMRC has updated the self assessment tax return for the tax year just ended (2025-26). The form includes additional boxes on the employment pages…

Apr 02 2024

Capital Allowances For Partnerships

By admin Capital Allowance, Corporation Tax, Directors, HMRC, Potts & Co Accountancy & Business Advice News

HMRC has clarified the rules relating to capital allowances claims in mixed partnerships, confirming that all partners subject to corporation tax are eligible for enhanced capital allowances. Corporate taxpayers are entitled to certain accelerated capital allowances such as full-expensing and the super-deduction that are not available to individuals subject to…

Feb 28 2023

Planning Dividends In 2023

By admin Directors, Dividends, HMRC, Potts & Co Accountancy & Business Advice News

Owners and directors of family businesses often take a small salary from the company and any extra funds as dividends. Owners and directors of family businesses often take a small salary from the company and any extra funds as dividends. Other family members may also hold shares in the company…

Sep 12 2022

Loans To Employees

By admin Childcare, Directors, HMRC, Potts & Co Accountancy & Business Advice News

Many employers will advance modest loans to employees to meet upfront costs which they necessarily incur to enable them to work, such as a travel season ticket or a deposit for childcare costs. Such loans can also be provided to help towards other unexpected costs such as a car repair…

Jun 15 2022

Trivial Benefits For Directors

By admin Company Cars, Directors, HMRC, Potts & Co Accountancy & Business Advice News, Travel Expenses

It is important to keep your personal money and your company's money completely separate. If you use your company's bank card to buy personal items or to pay your own bills, that expenditure is treated as a loan to you. The loan creates a corporation tax charge if it is…

Directors

Loans To Directors: Tax Rate Increased

Reporting Requirements For Directors

Capital Allowances For Partnerships

Planning Dividends In 2023

Loans To Employees

Trivial Benefits For Directors

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