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
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
Deadline to benefit from increased SDLT threshold approaching
In July last year, the Government announced a temporary increase in the residential stamp duty land tax (SDLT) threshold to £500,000. The higher threshold applies
February 7, 2021
Self-employment and the £2,000 dividend allowance
All taxpayers, regardless of the rate at which they pay tax, are entitled to a tax-free allowance for dividends. For 2020/21 this is set at
February 5, 2021
Unused residential finance costs
Since 2017/18, the amount of income tax relief that landlords with residential properties have been able to claim on residential property finance costs (e.g. mortgage interest) has gradually
February 4, 2021
Time to pay
As part of the Chancellor’s Coronavirus support package taxpayers were permitted to defer payment of the July 2020 income tax Payment on Account instalment until
February 2, 2021
Leaving the VAT Flat Rate Scheme
The VAT Flat rate scheme is a simplified scheme for smaller businesses. Under the flat rate scheme, VAT-registered traders pay a fixed percentage of their
January 30, 2021
Reclaiming SSP for periods of self-isolation
The Coronavirus Statutory Sick Pay Rebate Scheme allows smaller employers to reclaim some or all of the Statutory Sick Pay (SSP) paid to employees who
January 27, 2021
Make the most of the dividend allowance
The 2020/21 tax year comes to an end on 5 April 2021. The last few months of the year are a good time to undertake
January 25, 2021