Owner manager companies are usually ‘close companies’ that is ‘under the control of: (a) five or fewer participators, or (b) participators who are directors’. For
Corporation tax is being reformed and companies with profits of more than £50,000 will pay corporation tax at a higher rate than they do now.
The Employment Allowance is a National Insurance allowance that eligible employers can claim and set against their secondary Class 1 National Insurance liability. The allowance
In a personal or family company the director will often borrow money from the company. This can be an easy source of finance, and also
It is prudent to plan ahead for retirement and tax breaks are available to encourage savings into a registered pension scheme. Contributions into a registered
The nature of a gift is that it is something that is given to some without receiving a payment in return. Consequently, as nothing is
The family home is likely to be your most valuable asset. Consequently, when looking to reduce inheritance tax, it may seem sensible to try and
If you realise a chargeable gain on a UK residential property, you now have 60 days rather than 30 days in which to tell HMRC
When a customer purchases an item or service from a business an invoice confirming the amount to pay should be raised either at the time
Of the sectors of the UK economy affected by the pandemic, it has been the travel and tourism sector that has been hit most. One
Owners of successful businesses frequently use companies as a trading medium not least because of the tax benefits that can be achieved. When the time
To help meet the costs of health and adult social care, a new levy, the Health and Social Care Levy, is introduced from 6 April
To help taxpayers and advisers affected by the surge in Covid-19 cases as a result of the Omicron variant, HMRC have announced that penalty waivers
If you operate your business through a personal or family company and extract profits in the form of dividends, it is prudent to review your
The tax systems contains a number of allowances which enable individuals to enjoy income and gains tax-free. One of these allowances is the annual exempt
Transactions between a director and his or her personal or family company are common and a director’s loan account is simply an account for recording
Tax policy is used to influence behaviour as well as to collect revenue. One example where this is the case is the company car tax
The VAT is a simplified scheme that can save work. Instead of working out the VAT that you need to pay over to HMRC by
If your company is no longer trading and does not have any other income, you can tell HMRC that it is dormant. This will relieve
All individuals are entitled to an annual exempt amount for capital gains tax purposes. Net gains (chargeable gains less allowable losses) for the tax year
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