Myers Clark Chartered Accountants

Myers Clark Chartered Accountants We are Accountants and we're serious about you and your financial ambitions. We'll be there to guide you all the way through your journey. www.myersclark.co.uk

We help with your bookkeeping, payroll, accounts ,tax, cash-flow and much more. We’re accountants, but we do a lot more than sorting out your books and saving tax. We’ll be your sounding board and confidant, freeing up your time to talk about the future, and providing you with the financial insight to live it. This is a relationship not a transaction. Our specialties include, Accounting, Tax, Audi

t, Business Recovery, Clubs & Associations, Construction & Property, Forensic Accounting, Healthcare, International Tax, QuickBooks, Investment & Financial, Pension Schemes, Tax Investigations, Trusts & Executorships, Not-for-Profit, and Insolvency.

CIS contractors – a quick reminder you don’t want to missFrom April 2026, there’s been an important change.You now need ...
02/06/2026

CIS contractors – a quick reminder you don’t want to miss

From April 2026, there’s been an important change.
You now need to submit a CIS return every month even if you haven’t used any subcontractors.

That means each month you must either:
✔️ File a return showing payments
✔️ Submit a nil return
✔️ Or make an inactivity request (which can last up to 6 months)
If nothing is submitted, penalties can build up quickly:

£100 to start
£200 after 2 months
Then £300+ (or 5% of the liability) after 6 months
Further penalties after 12 months

It’s easy to think “nothing to report” means “nothing to do” but HMRC doesn’t see it that way.

If you’re already filing regularly, you’re likely fine. But if you’re unsure, it’s worth checking now before any penalties land.

If you’d like help keeping on top of this (or taking it off your to‑do list completely), just send us a message and we’ll be happy to help.

Director’s Loan Accounts sit right where personal and business finances meet which is why HMRC keeps a close eye on them...
22/05/2026

Director’s Loan Accounts sit right where personal and business finances meet which is why HMRC keeps a close eye on them. 👀

What feels like a simple withdrawal can lead to:

➡️ tax charges
➡️ reporting obligations
➡️ unnecessary stress

We’ve put everything into one clear guide covering:

↩️ what a Director’s Loan Account is
↩️ how problems arise
↩️ the tax implications
↩️ and how to manage it safely

👉 Read the full blog here:
https://www.myersclark.co.uk/directors-loan-accounts-explained-what-every-uk-company-director-needs-to-know/

A little understanding now can save a lot of trouble later.

Not an OverdraftA Director’s Loan Account can be useful but it shouldn’t be treated like a personal overdraft.Good habit...
20/05/2026

Not an Overdraft

A Director’s Loan Account can be useful but it shouldn’t be treated like a personal overdraft.

Good habits include:

👍 keeping personal and business spending separate
👍 reviewing balances regularly
👍 declaring dividends properly
👍 taking advice before withdrawing funds

When managed properly, DLAs are helpful.

When ignored, they often become expensive.

The Tax Surprises to Watch 👀 An overdrawn Director’s Loan Account can trigger:🔵 a special corporation tax charge if not ...
18/05/2026

The Tax Surprises to Watch 👀
An overdrawn Director’s Loan Account can trigger:

🔵 a special corporation tax charge if not repaid on time
🔵 P11D reporting if balances go over £10,000
🔵 Class 1A NIC for the company

With deadlines approaching, this is a good time to take stock.

Small balances can still create big surprises if they’re missed.

HMRC Is Paying Close AttentionEven though it may feel like you and your company are the same thing, legally they aren’t ...
15/05/2026

HMRC Is Paying Close Attention

Even though it may feel like you and your company are the same thing, legally they aren’t and HMRC is very clear on that.

Money taken from the company outside payroll or dividends is treated as a loan and can raise questions around tax, benefits in kind, and reporting.

HMRC has even opened a consultation on new reporting requirements for director transactions, signalling increased focus going forward.

The message is simple: Director’s Loan Accounts matter more than ever.

How Problems Build Quietly Most Director’s Loan Accounts don’t become an issue overnight.They often creep up through eve...
13/05/2026

How Problems Build Quietly

Most Director’s Loan Accounts don’t become an issue overnight.
They often creep up through everyday actions:

▶️paying personal bills via the company
▶️using the company card for non‑business spending
▶️taking money while waiting for dividends

It feels convenient at the time but HMRC views these as loans, not “your money”.

A quick check now can prevent much bigger problems later.

The One Account Many Directors Overlook 😱 If you run your own limited company, there’s a good chance you’ve come across ...
11/05/2026

The One Account Many Directors Overlook 😱

If you run your own limited company, there’s a good chance you’ve come across a Director’s Loan Account even if you don’t call it that.

It’s one of the most commonly used parts of a company’s finances… and also one of the most misunderstood.

🔹 Used properly, it offers flexibility.
🔹 Used casually, it can lead to unexpected tax bills, HMRC attention, 🔹 and cash‑flow headaches.

If you’ve ever taken money from the business that wasn’t salary or dividends, this is something worth understanding.

22/04/2026

Landlords it’s fair to say things feel particularly tough right now.

There’s a lot happening at once. If your gross rental income is over £50k, Making Tax Digital (MTD) is coming into play (although this doesn’t apply if you operate through a company).

At the same time, the mortgage market feels unpredictable, with rates changing frequently sometimes even within the same day, especially since the conflict in the Middle East began.

Add to that a 2% point rise in tax rates from this April and the Renters’ Rights Bill starting next month, and it’s no surprise many landlords are feeling the pressure. 😵‍💫🤔

So yes, the landscape is harsh.
But is it all lost?
Not at all.
What matters now is stepping back and asking some honest questions:

Why am I holding this rental property?
Do the numbers still stack up?
Will this still deliver what I want it to financially and personally?

They’re big questions, but important ones. The answer isn’t always to sell; sometimes it’s about reviewing, restructuring, or planning more deliberately.

If you’d like help sense‑checking your position with someone who understands both the numbers and the wider landscape, feel free to get in touch. A conversation now could bring some much‑needed clarity.

Landlords, a lot is changing!Are you taking back possession of your property ?Many landlords are ahead of the Renters’ R...
21/04/2026

Landlords, a lot is changing!

Are you taking back possession of your property ?

Many landlords are ahead of the Renters’ Rights Act coming into force, while existing options are still available.

With Section 21 set to be removed, possession will increasingly need to go through the Section 8 route and the courts even in situations that wouldn’t previously have required court involvement.

Given how stretched the court system already is, it’s understandable that many landlords are concerned about delays and uncertainty.
We’re also hearing growing worries around:

🥏compliance requirements
🥏court backlogs
🥏rent arrears
🥏rising mortgage costs

There’s still a lot of confusion about how possession will work in practice once the new rules are in place. 😵‍💫

So if you’re a landlord, it’s worth asking yourself:

❓have you thought about your strategy?
❓And do you have the right expert support to guide you through these changes?

If you’d like to talk things through with someone experienced in this area, send us a message and we’ll be happy to get in touch.
Sometimes a simple conversation can bring much‑needed clarity.

Problems rarely arrive suddenly they show up quietly first.Most challenges in business don’t come out of nowhere.They us...
14/04/2026

Problems rarely arrive suddenly they show up quietly first.

Most challenges in business don’t come out of nowhere.

They usually start small:

🥏customers taking longer to pay
🥏costs creeping up
🥏margins slowly shrinking
🥏cash becoming unpredictable

These aren’t failures they’re early signals ⚠️

A proper financial health check looks at trends over time, not just what’s in the bank right now. It helps you spot pressure building early, so you can make decisions before things become urgent.

If you don’t have the time, systems, or confidence to keep an eye on the numbers regularly, bringing in support isn’t a weakness, it’s a smart step forward 📊

In the next post, we’ll talk about the bigger question most business owners never stop to ask.

Address

Eagle 1, 80 St Albans Road
Watford
WD171DL

Opening Hours

Monday 9am - 5:30pm
Tuesday 9am - 5:30pm
Wednesday 9am - 5:30pm
Thursday 9am - 5:30pm
Friday 9am - 5:30pm

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