Limited Liability Partnerships
A limited liability partnership (LLP) is not a partnership but a body corporate with a difference – there are no shareholders or guarantors (as there would be
July 5, 2021
Loans to participators
Where a close company (or LLP) makes a loan (otherwise than in the ordinary course of a business) to an individual who is a participator
July 1, 2021
Expenses and benefit returns for 2020/21
Expenses and benefits returns P11D and P11D (b) for 2020/21 need to be filed by 6 July 2021. Meeting this deadline is important as penalties
June 26, 2021
Making a negligible value claim
Where assets that have become worthless, it may be possible to make a negligible value claim, allowing a loss to be realized which can be
June 24, 2021
NIC and Company directors
Special rules apply to company directors when it comes to calculating their Class 1 National Insurance liabilities. Why the rules Directors, particularly of personal and
June 23, 2021
Finance and Accounting
Obtain relief for pre-letting expenses
When starting a new property, rental period will usually be a preparatory phase during which expenses will be incurred. To what extent is relief available
June 23, 2021
Finance and Accounting
No retained profits – Can you extract cash to cover your living expenses?
If you operate through a limited company, for example as a personal or family company, you will need to extract funds from your company in
June 23, 2021
Finance and Accounting
Amend your PSA for Covid-19 related benefits
A PAYE Settlement Agreement (PSA) enables an employer to meet the tax on certain benefits and expenses on the employee’s behalf. This can be useful
June 22, 2021
Amend your PSA for Covid-19 related benefits
A PAYE Settlement Agreement (PSA) enables an employer to meet the tax on certain benefits and expenses on the employee’s behalf. This can be useful
June 22, 2021
No retained profits – Can you extract cash to cover your living expenses?
If you operate through a limited company, for example as a personal or family company, you will need to extract funds from your company in
June 21, 2021
Obtain relief for pre-letting expenses
When starting a new property, rental period will usually be a preparatory phase during which expenses will be incurred. To what extent is relief available
June 19, 2021
Furnished holiday lettings
Furnished holiday lettings offer a number of tax advantages over longer lets. One of the key benefits is the availability of capital gains tax reliefs
June 18, 2021
Extracting profits from a property company
Running a property business through a limited company rather than as an unincorporated business may be an attractive proposition; at 19% the rate of corporation
June 17, 2021
Legal v illegal dividends
Changed business conditions in light of the Coronavirus pandemic have caused many companies to review their dividend policies not least because the company’s financial position
February 27, 2021
Statutory payments from April 2021
By law, there are various statutory payments that an employer must make to an employee while the employee is absent from work due to the
February 23, 2021
National Living Wage and National Minimum Wage changes from April 2021
Under the minimum wage legislation, workers must be paid at least the statutory minimum wage for their age. There are two types of minimum wage
February 22, 2021
Electric cars from April 2021
For 2020/21, it was possible to enjoy an electric company car as a tax-free benefit. While this will no longer be the case for 2021/22,
February 19, 2021
Are you trading?
Lockdown restrictions have forced many businesses to close temporarily. Selling goods or clothes on sites such as eBay and Depop offers the opportunity to raise
February 15, 2021
Selling your main residence with land – Will the SDLT return trip you up?
Most people do not expect to pay capital gains tax when they sell their only or main home, particularly if the property has been their
February 12, 2021
Renovating the holiday let during lockdown
The Covid-19 pandemic has hit the hospitality and leisure industry hard. Landlords with furnished holiday lettings have been unable to let their properties for considerable
February 9, 2021