accountant cheltenham

making tax digital

How will Making Tax Digital’s rules affect your VAT-registered business?

From 1 April 2019, businesses with a ‘taxable turnover’ above the VAT registration threshold must follow the rules set out by the Government’s Making Tax Digital initiative. So what exactly is included in ‘taxable turnover’? HMRC states that the taxable turnover for Making Tax Digital is the same as for VAT – and is ‘the…
Overdrawn directors loan account

Ask DS Accountancy: What are the tax implications of an overdrawn director’s loan account?

We are often asked what needs to be considered regarding company law and tax when a director of a limited company goes overdrawn on their loan account. While going overdrawn on a loan account is not a problem in itself, there are a number of things to consider before doing so. Seeking approval from the…
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