Profit Extraction: Some Traps to Avoid
When a company has been incorporated, the first thought by the owner is often how one pays oneself. Proper remuneration planning can help mitigate the
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Connected Employers: Employment Allowance Implications
Several tax implications can arise due to the relationship between the companies, particularly affecting corporation tax, VAT, group relief, and transfer pricing, as well as
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A Little Knowledge is A Dangerous Thing!
I am always amazed by the number of people who undertake high value transactions without getting proper advice about the tax consequences. A classic example
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When is A Nursery Not a Nursery?
To avoid a benefit-in-kind (BIK), the provision of childcare has two tax exemptions (inserted into ITEPA 2003, Ch 4): Employer-supported childcare, possibly provided by way
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VAT: Calculating the Profit Margin When Selling Second-Hand Goods
If a business buys and sells second-hand goods, it can use one of the second-hand margin schemes so that VAT is only due on the
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Interesting Dividends!
It might be thought that the taxation of interest and dividends should be fairly straightforward, but changing rates and particular rules and exemptions have somewhat
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Is There Any Option?
In property transactions, an option agreement will sometimes be made between an individual property seller and a prospective buyer. You have the Option… An option
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Spousal Dividends: Tips and Traps
When a married couple runs a business together through a limited company, proper tax planning would dictate that both spouses own shares to receive dividends.
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Waiving Director’s Remuneration: Tax Issues
Being a director does not, in itself, make that individual an employee of the company. A directorship is an office, not necessarily an employment. However,
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A ‘Dive’ Into Pool Cars
The income tax legislation regarding pool cars (ITEPA 2003, s 167(3)) sets out the conditions for a car to be a pool car. These include
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