Carter Collins & Myer

16/10/2026

A director came to us after putting £75,000 of his own money into his business over eighteen months. He'd remortgaged his house to keep the wages paid and suppliers happy. His view was that the business just needed another good quarter.

We reviewed the management accounts and built a thirteen-week cash-flow forecast. Even with the extra money, the business was still losing around £8,000 a month. The problem wasn't a temporary shortage of cash. The business was spending more than it could earn, and his savings were disguising it.

He'd spent eighteen months protecting the company from its creditors. Nobody had stopped to ask who was protecting him.

15/10/2026

Three Things Thursdays for SME owners.

This week's three cover overseas income, telling HMRC about a problem and the real cost of buying another property.

1. Overseas income can still create a UK tax bill
Money does not fall outside the UK tax system merely because it comes from a foreign property, pension, investment or bank account.
If you are UK resident, make a list of your overseas income by country and type. The rules changed significantly from 6 April 2025, and relief may be available in some circumstances.

2. Forgotten to tell HMRC something?
How HMRC discovers the problem can affect the penalty.
If you have missed a VAT registration, Corporation Tax obligation or source of personal income, coming forward before HMRC finds it can materially improve the position.
The uncomfortable conversation is usually cheaper when you start it.

3. Buying another property?
An additional residential property will usually attract higher SDLT rates. The return and payment are normally due within 14 days of completion.
Ask for the calculation before deciding your maximum offer. The purchase price is only one part of the cash needed.

That is this week's three practical points for SME owners.

The fuller email goes out every Thursday with the practical checks behind each point. If you'd like it, PM me and I'll add you to the list.

14/10/2026

A six-month non-compete clause is not automatically worth six months.

The High Court recently refused to enforce one against an area sales manager. Among the problems, the wording prevented him from working for a competitor in any capacity and could apply even during a probationary period carrying only one week's notice.

Restrictions need to fit the employee's actual role, seniority, customer contact and access to confidential information.

A contract clause copied from somebody more senior can look reassuring right up to the day somebody tries to enforce it.

13/10/2026

Will your competitors be able to see your profit margins from 2028?

Major changes are coming to how UK businesses file their Companies House accounts from 1 April 2028. The shift to mandatory software filing is one thing, but the new requirement for small companies and micro-entities to submit a profit and loss account is causing the most concern among SME directors.

The good news? You do not necessarily have to make those commercially sensitive figures public.

Rob breaks down exactly what the new rules mean, how the expected privacy opt-out will work, and what you need to do to prepare in our latest blog and video update.

Read the full guide here: https://uk-ccm.com/blog/companies-house-accounts-changes-2028/

13/10/2026

A director was working from home three days a week and asked whether his company could pay him rent. He'd converted a spare bedroom into an office and was paying all the household bills personally.

We looked at the space being used, the household costs and what a reasonable charge would be. A properly documented arrangement could give the company a tax-deductible expense, although the rent would also need to be declared on his personal tax return. It wasn't quite the tax-free money he'd imagined.

It's funny how often people look for complicated ways to take money out of their companies while overlooking the perfectly ordinary costs they're already paying themselves.

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This is one of the practical points covered in 91 Tax Tips for Small Business Owners 2026/27. If you'd like a copy, PM me your email address.

12/10/2026

'I had a reasonable excuse' is not an HMRC penalty appeal.

A timeline is much more useful.

What happened?

When did it happen?

Why did it stop you meeting the deadline?

When did you put matters right?

Then attach the evidence. That might be hospital paperwork, emails, system messages or records of an HMRC service failure.

The usual appeal period is 30 days from the decision letter. Start with the date at the top.

12/10/2026

A client once said something I hear quite often.

“But I earned it here.”

They were right. The salary was paid by a UK employer. The tax code was UK. The pension was UK. The bank account was UK. HMRC had received its money.

The missing part was that the client was also a US citizen.

For US citizens living in the UK, the starting point can be uncomfortable: the US system may still look at worldwide income, not just US income.

That does not mean the same income is simply taxed twice. Foreign tax credits, treaty points and the exact facts all matter. In many cases, UK tax paid is a large part of the answer.

But the reporting position still needs checking.

UK salary, bank interest, dividends, rental income, pensions, share awards and investment gains can all sit inside a US reporting question, even when they feel completely domestic from a UK point of view.

This is where people get caught.

They do not ignore the US because they are reckless.

They ignore it because, in normal life, income earned in Manchester and taxed by HMRC does not feel foreign at all.

09/10/2026

A client paid their Corporation Tax on time. HMRC then allocated the payment to the accounting period ending 31 December 9999.

Unfortunately, while the money waits patiently for the next 7,973 years, HMRC’s system thinks the actual tax is unpaid and has started charging interest.

We’ll get it corrected. I’m just slightly disappointed that nobody at HMRC thought a company accounting period ending a day short of the year 10,000 might warrant a second look before sending the debt letters.

08/10/2026

Three Things Thursdays for SME owners.

This week: one HMRC penalty, one accounting choice and one employment contract.

1. Received an HMRC penalty?
Do not assume it must simply be paid.
You can appeal where there was a genuine reasonable excuse. The normal appeal period is 30 days, so check the date on the notice before doing anything else.
Write down what happened, when it happened and when matters were put right.

2. When does income count?
Cash basis accounting is now the standard method for many sole traders and qualifying partnerships.
Broadly, income counts when the money is received and expenses when they are paid.
It is simpler, but businesses with significant stock, complicated arrangements or borrowing requirements may still benefit from traditional accounts.

3. Would your non-compete clause work?
The High Court recently rejected a six-month restriction against a former sales manager because it was much wider than reasonably necessary.
Restrictions need to reflect the employee's actual role, access and seniority.
Copying the managing director's clause into every employment contract may create consistency. It does not necessarily create protection.

That is this Thursday's three practical points for SME owners.

The fuller email goes out every Thursday with the practical checks behind each point. If you'd like it, PM me and I'll add you to the list.

07/10/2026

Another successful day filming with Rich TV.

Subjects this month include:

- When did you last look at your prices
- Changes coming to accounts for small businesses
- How to use tax losses to get back cash
- UK tax for US citizens

Busy day filming more content for a corporate customer