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It used to be possible to report errors in a VAT return to HMRC on form VAT652. This is no longer the case; form VAT652 was withdrawn from 5 September 2025. This means that now, where an error has been made in a VAT return, the error must be corrected in one of the following ways: · updating the next VAT return; · making the correction online; or · writing to HMRC to notify them of the correction. Updating the next VAT return An error can be corrected by m

A director’s loan account is simply a means of keeping track of transactions between the director and the company of which they are a director. Where the company is a personal or family company, the director may borrow from the company or lend money to the company. Similarly, the director may meet expenses of the company, or the company may pay the director’s personal bills. These transactions are recorded in the director’s loan account. Dividend or salary payments may also b

HMRC publish fuel-only rates which are only of relevance where an employee has a company car. The rates, which are updated quarterly, can only be used in two situations: · to make tax-free reimbursements to employees who meet the cost of business travel in their company car; and · to repay the cost of fuel provided or paid for by their employer and used for private journeys in a company car. The rate depends on the fuel type and, where relevant, the engine size. F