When it comes to personal and family companies, profit extraction is a popular approach, this involves taking a small salary and further profits as dividends. Here we take a look at the implications of this strategy being used in the coming tax year of 2019-20 and what level the salary should be set at to ensure it remains tax efficient.
We thought we’d go back to basics and remind you of the importance of keeping complete and accurate records. This will ensure that you pay the right
amount of tax and file correct tax returns with HMRC.
In a personal or family company, the lines between the directors as individuals and the company are often blurred – the director may lend money to the company when cashflow is tight and the company may lend money to the director or pay personal bills on the director’s behalf.
An increasing number of employees work from home some or all of the time. Where they do so, they may be able to claim tax relief for the costs that they incur from working at home, regardless of whether their employer meets those costs.
It may sound like ‘fake news’ but Companies House has published this year’s list of questionable late filing appeals they’ve received during the last twelve months.
With the rise of the gig economy the government has been reviewing relief arrangements for people who rent out a room in their house. This has largely been driven by changes in the private rented sector along with increased use of Airbnb in the UK.
If you’re facing a hefty tax bill from HMRC you could be tempted to think of bankruptcy as being the easy way out, particularly if you have unsecured debts that amount to more than you can afford to pay off given your income. But think again it’s not and there are major implications that need to be considered.
Up to 30,000 small businesses face large rates increases under a new “Staircase Tax” that treats different floors in the same building as separate premises following changes by the Valuation Office Agency (VOA).
Is your business ready for Sunday 15th October when the old round pound will no longer be legal tender?
HMRC’s update of plans to impose VAT fraud customer due diligence requirements on fulfilment houses is set to have implications for business. Here we take a look at what it involves.
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