Dear customer, Find out which VAT accounting scheme best suits your business by taking advantage of our online support – including the following live webinars. You can ask questions throughout by using the on-screen text box: VAT – Using the Flat Rate Scheme Register for our webinar about using the Flat Rate Scheme and find out […]
VAT Accounting Schemes Explained Read More »
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 effects of perceived double taxation of corporation tax for the company and personal tax for the shareholders or directors. Dividends Vs Salary The usual method of extracting profit is to
Profit Extraction: Some Traps to Avoid Read More »
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 having an impact on the PAYE employment allowance (EA). EA reduces an employer’s National Insurance contributions (NICs) liability by up to £5,000 per tax year. Importantly, no claim can be
Connected Employers: Employment Allowance Implications Read More »
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 arose recently in Arshad Mahmood v Revenue and Customs [2024] UKFTT 114 (TC). The Key Facts Arshad Mahmood [M] transferred ten commercial properties to a company owned by his wife.
A Little Knowledge is A Dangerous Thing! Read More »
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 of a childcare voucher and often via salary sacrifice. ITEPA 2003, s 318A outlines the limited exemption of up to £55 per qualifying week. This exemption from tax and National
When is A Nursery Not a Nursery? Read More »
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 profit margin, not the full selling price. When using a second-hand scheme, there are a number of points that should be taken into account. What is a Margin Scheme? A
VAT: Calculating the Profit Margin When Selling Second-Hand Goods Read More »
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 muddied the waters. This article briefly looks at the taxation of such savings income, but if this might also fall within the scope of income from employment or from a
Interesting Dividends! Read More »
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 is broadly a legal agreement for an offer to be kept open for a specified period. For example, an individual might agree to keep an option open for the buyer
Is There Any Option? Read More »
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. Salaries may or may not be paid as well, depending on other income sources, but dividends will inevitably be the main means of profit withdrawal from the company. Dividends Alongside
Spousal Dividends: Tips and Traps Read More »
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, if the company enters into a service contract with the director, the terms of which make the director an employee, that director is taxed under the same rules as any
Waiving Director’s Remuneration: Tax Issues Read More »
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