Blog
Trivial benefits – Make use of the exemption
The trivial benefits exemption allows employers to provide low-cost benefits to employees without triggering a tax liability. Read this article to find out the conditions that must be met and the traps to avoid.
New corporation tax regime
Corporation tax was reformed from 1 April 2023. Read this article to find out how your corporation tax liability will be calculated under the new rules.
Is an alphabet share structure still worthwhile?
The dividend allowance is reduced from £2,000 to £1,000 from 6 April 2023 and to £500 from 6 April 2024. Read this article to find out whether an alphabet share structure is still beneficial.
Loans to directors – beware of the higher section 455 charge
Read this article to find out about the rate of section 455 tax on outstanding director’s loans. #directorsloans #section455tax
Associated company rules - changes from April 2023
From 1 April 2023, the rules are changing such that the rate of corporation tax that a company pays, and when, will be dependent on the level of its profits as well as the number of its associated companies.
Involuntary strike-off: what can you do?
Read this article to find out what you can do is a notice to strike off your company is published in the Gazette #involuntarystrikeoff
Is a property company a tax-efficient option?
Read this article to discover the tax implications of operating your residential property let through a company #propertycompany
Companies – claim extended loss relief online
Because of the pandemic, the carry-back window for loss relief was extended. Where companies want to claim under the extended rules, it can be done online ahead of the tax return filing date. Learn more in this article. #companytax #taxadvice
Tell HMRC that your company is dormant
If your company is no longer trading and does not have any other income, you can tell HMRC that it is dormant. This will relieve you of the need to file a company tax return or pay corporation tax.
Recording directors’ expenses correctly
It is only permissible for a company to deduct expenditure in computing its taxable profits if incurred wholly and exclusively for the purposes of the trade. Since a company is a separate legal entity that stands apart from its directors and shareholders, it will not incur personal expenses.
Directors’ loans – Beware of ‘bed and breakfasting’
It can make sense financially for directors of personal and family companies to borrow money from the company rather than from a commercial lender. Depending on when in the financial year the loan is taken out, it is possible to borrow up to £10,000 for up to 21 months without any tax consequences. However, if the loan remains outstanding beyond a certain point, tax charges will apply.
Getting ready for off-payroll working changes
From 6 April 2020 the off-payroll working rules that have applied since 6 April 2017 where the end client is a public sector body are to be extended to large and medium private sector organisations who engage workers providing their services through an intermediary, such as a personal service company.
Should I incorporate my business?
The question of whether to incorporate commonly arises as a business expands - the limited liability status that company formation provides is often needed to start winning contracts with bigger companies.
Directors Responsibilities
Whilst shareholders are the owners of limited companies the job of running them rests with the directors and they must do so for the benefit of the shareholders whilst ensuring compliance with the law.
Which Business Structure Should You Use?
This article gives you an outline of the different business structures you can trade through. Your business format is not set in stone forever and you can change between them.
Using a Limited Company to Save Property Tax
The analysis of whether it is beneficial for a property investor to use a limited company can be complex and this helpsheet aims to identify some of the key advantages in considering a limited company for this purpose.
What Expenses Can I Claim Through a Limited company
As the Director of your own limited company, you can claim expenses on costs you have incurred on certain business-related items and activities. Are you aware of the limited company expenses you may be able to claim?