What is Directors Loan Account? A director’s loan is when you (or other close family members) get money from your company that is not: a salary, dividend or expense repayment money you’ve previously paid into or loaned the company Please note, if the loan is not paid...
Joint tenants v tenants in common – Does it matter? There are two different ways of owning property jointly – as joint tenants or as tenants in common. The way in which the property is owned determines exactly who owns what and also what happens when...
Grounds and gardens for SDLT - Stamp Duty on Land & Garden Stamp duty land tax (SDLT) on residential property also applies to land that form the garden or grounds of the property. To ensure that the right rate of SDLT is applied, it is therefore...
Capital gains tax and chattels For capital gains tax purposes, not all chattels are equal. In some cases, it is possible to realise a profit on the disposal of a chattel and enjoy that profit tax free, whereas in other cases, capital gains tax must be...
Private residence relief and the final period exemption From a capital gains tax perspective, there are significant tax savings to be had if a property has been the owner’s only or main residence. The main gains are where the property has been the only or main...
Director’s loan accounts – avoiding the risks HMRC produce a series of toolkits which set out common errors that they find in returns. The hope is that by being familiar with the mistakes that are routinely made, steps can be taken to avoid them. Although the...
When is a car a pool car? Rather than allocating specific cars to particular employees, some employers find it preferable to operate a carpool and have a number of cars available for use by employees when they need to undertake a business journey. From a tax...
Inheritance tax and spouses and civil partners Special rules apply for inheritance tax purposes to married couples and civil partners. To ensure valuable tax reliefs are not lost, it is beneficial to consider the combined position, rather than dealing with each individual separately. Married couples and civil partners benefit from...
Tax-free mobile phone Mobile phones are ubiquitous – they are also subject to a tax exemption which enables employees to enjoy a mobile phone provided by their employer without suffering a benefit in kind tax charge. However, as with all exemptions there are conditions to be...
On the face of it, it’s puzzling that there are any tax implications when one simply borrows money from a limited company. A loan, after all, isn’t income and, therefore, shouldn’t be subject to income tax; and it doesn’t consist of the proceeds of disposing...