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Have you ever wondered who truly controls a company? Meet the Person with Significant Control (PSC)! These individuals, often referred to as beneficial owners, either own over 25% of shares, can appoint directors, or exert control over the company. Every UK company must register its PSCs with Companies House—so transparency is key! If you're involved in a business, take time to identify your PSCs. Let's foster trust and clear governance in our businesses! What steps are you taking towards transparency? Share in the comments!

What Is a person with significant control? – YVB Bookkeeping Services What Is a person with significant control?

Have you ever heard of "bona vacantia"? 🤔 This Latin term refers to "ownerless goods" and applies when a company is dissolved. When that happens, any remaining assets or rights—including tax refunds—automatically go to the Crown! 🌟 But here's the kicker: if the company was involved in a fraudulent claim, then no rights existed in the first place. Only officially dissolved companies fall under this category, so if a company is still in liquidation, its assets are safe. And there's hope! Companies dissolved within the last six years can apply to be restored, reclaiming any lost assets. Before you dissolve a company, ensure all assets are properly managed! Learn more about how this affects you and share your thoughts! What do you think about bona vacantia?

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Are you dreaming of building your own home? 🏡 You might not know that reclaiming VAT through the VAT DIY Housebuilders Scheme can significantly cut down your costs! This unique scheme allows individuals like you to enjoy VAT benefits typically reserved for professional developers. With this scheme, you can reclaim the VAT on many building materials used in your new home or conversion project. Just remember to submit your claim within six months of completion! Want to learn more about how to take advantage of this? Drop a comment below or send us a message!

Reclaiming VAT on a self-build home project – YVB Bookkeeping Services Reclaiming VAT on a self-build home project

Have you ever felt like you've paid more tax than you should have? You're not alone! Many people overpay their taxes due to job changes, incorrect tax codes, or missing out on deductions. If you suspect that you've overpaid, it might be worth checking if you're eligible for a tax refund from HMRC. You could claim for things like job-related expenses, redundancy payments, or even UK income earned while living abroad. Visit HMRC's online service to explore your options and potentially get back what’s rightfully yours. Don’t miss out on this opportunity! 💰

Claiming a tax refund from HMRC – YVB Bookkeeping Services Claiming a tax refund from HMRC

Ever wonder what happens when a close company loans money to its directors or shareholders? 🤔 Well, there's a specific set of rules to ensure everything is done right—especially when it comes to taxes! Under CTA10/S455, if a close company lends money to its participators, it may face some tax obligations. 📊 If the loan isn't repaid within nine months and one day, a tax charge kicks in! As it stands, this charge is 33.75%, set to rise to 35.75% in April 2026. But don’t worry, if you pay the loan back, you can get a full refund! Curious how this might affect your business? Let's dive into it together in the comments! ✨

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Exciting changes are coming in payroll reporting! Starting April 6, 2027, the mandatory payrolling of benefits in kind (BiKs) will eliminate the need for the annual P11D form for most benefits. This reform aims to simplify the way employers report these benefits through Real Time Information (RTI). Originally set for 2026, this roll-out has been extended to allow everyone ample time to prepare. Ready to pivot for these changes? Mark your calendars and ensure you’re ahead of the game. Let’s discuss how this impacts your business!

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There are simplified expenses arrangements available for sole traders and business partnerships (with no corporate partner) that allow the use of fixed mileage rates instead of working out the actual costs of buying and running a vehicle (such as fuel, insurance, servicing and repairs). This simplified method is optional, but if you choose to use it for a specific vehicle, you must continue to use it for that vehicle for as long as it is used for business purposes. The simplified expenses regime is not available to limited companies or partnerships involving a corporate partner.

Simplified expenses on motor vehicles – YVB Bookkeeping Services Simplified expenses on motor vehicles

The Annual Investment Allowance (AIA) is a generous tax relief that allows for the total amount of qualifying expenditure on plant and machinery to be deducted from pre-tax profits. The maximum amount that can be claimed for the AIA is limited to a £1 million annual cap on qualifying purchases.

Claiming the Annual Investment Allowance – YVB Bookkeeping Services Claiming the Annual Investment Allowance

If you believe that you have overpaid tax to HMRC, you may be entitled to claim a tax refund. Overpayments can occur for a variety of reasons, including changes to employment, incorrect tax codes or unclaimed allowances. The process for making a claim will depend on whether you submit a self-assessment tax return and how long ago the tax was overpaid.

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If you have not yet checked if and when you need to use Making Tax Digital (MTD) for Income Tax, you should do so as a matter of urgency. This is because from April 2026 the way many individuals report their tax to HMRC will change significantly. MTD for Income Tax represents a move away from the traditional annual self-assessment process towards a more frequent, digital approach, with taxpayers required to manage their affairs through an online tax account using compatible software.

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It is recommended to check your National Insurance record as this can affect your future entitlement to the State Pension and other benefits.

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CGT on certain UK residential property sales often has a strict 60-day reporting and payment deadline, so early planning can avoid penalties.

Selling a second property? – YVB Bookkeeping Services Selling a second property?