When considering the purchase of a vehicle for your business in the UK, it's essential to understand the tax implications and benefits....

The 2024 Autumn Budget  outlines several significant fiscal changes that will impact individuals, businesses, and various sectors of the...

Dividend timing As a company you’re probably aware that dividends are usually the most tax-efficient way for company owner managers to...

When you're self-employed, you have more freedom and flexibility, but you also have more responsibilities, and you are almost solely respons

As a professional in the world of business ownership, navigating the intricate realm of taxes is crucial. Maximizing profits and...

n February 2024 important amendments to the Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) rules became law. How will the chan

As an employer you don’t want to waste valuable time on avoidable admin tasks such as processing scores of expenses claims for employees’...

The next dividend from your company isn’t due to be paid for another few months. However, arranging for it to be paid earlier, or taking...

Creating a home office tax efficiently You want to erect a cabin in your garden to use as a home office. You and your family will also...

Dividends be paid Dividends are generally the most tax-efficient form of income you can take from your company but they can only be paid out of profits. Despite this, might there be a way for your loss-making company to pay you a dividend? Income or profit extraction As a company owner-manager, the usual tax planning advice you’ll receive is to take a modest salary and the remainder of your income needs as a dividend (also referred to as a distribution). This is generally goo

If you provide construction services on a new building to be used for a relevant charitable or residential purpose, or sell a new building t

The end of the tax year is just a few weeks away. As an employer, you must carry out the usual payroll year-end routines. However, if...

Autumn Statement Business Impacts A 2% cut in employees’ NI was the key headline from the Autumn Statement. How does this affect your business and how will other key changes announced impact you? Impact of 2% cut in employees’ NI. The 2% cut in employees’ NI won’t save your company any money as the employers’ NI rate remains the same at 13.8%. However, your company will be impacted by the change as you need to ensure that your payroll software is updated before 6 January 2024

You formed a company and are in the process of getting it up and running. As it hasn’t generated any income yet can it pay you a salary, and if it does will it be entitled to tax relief for it? New Company When a company is formed it’s normal for there to be some time - weeks or even months - before it starts trading. Because general tax rules only allow deductions from trading income, special rules exist to allow such expenses to be deducted from income once trading has beg

Recording repair and improvement costs relating to business premises often causes trouble. If you get it wrong it can mean tax deductions are lost or overstated leading to an HMRC enquiry. How should you approach recording this type of expense? Recording expenses Before recording property expenditure in your books you must first identify whether it’s a revenue cost (day-to-day expense), e.g. decoration, minor repairs or maintenance, or a capital cost. The latter is divided

A director wants to give free use of a property, the freehold of which his company owns, to a registered charity. He wants to know if his

As an owner-manager of a company, taking income from it in the most tax and NI-efficient way is probably near the top of your list. The...

If you’re working or intending to work through a company, agent or other intermediaries, one or more of HMRC’s anti-avoidance measures might

You hired a couple of individuals to tidy and clear part of your premises. They’ve completed the job and asked to be paid in cash.

The main corporation tax (CT) rate increases to 25% in April 2023.