Finance & Accounting
Taxation of dividends in 2023/24
If you have a personal or family company, taking dividends is a popular and tax-efficient way to extract profits. However, while they remain tax efficient,
April 17, 2023
Finance & Accounting
Can you benefit from tax-free childcare?
In a climate of rising interest rates and rising inflation, every penny is likely to count. For working parents, help with their childcare costs is
December 21, 2022
Finance & Accounting
Dividend Planning
The Chancellor’s recent mini-Budget and subsequent U – turns threw a number of spanners into the works as far as profit extraction strategies are concerned.
November 15, 2022
Finance & Accounting
Dividend ‘traps’ to avoid
Where the plan is to pay a dividend the director/shareholder must ensure that set procedures are in place. This article describes some traps for the
November 2, 2022
Finance & Accounting
Five tax-efficient ways to extract profits
If you operate your business as a personal or family company, you will need to extract some or all of the profits if you wish
October 19, 2022
Finance & Accounting
Family Investment companies – how do they work?
Although Family Investment Company’s (FIC) have been around for several years, awareness of the flexibility that such a vehicle affords has been growing in recent
September 26, 2022
Finance & Accounting>Finance & Accounting
Dividend ‘traps’
A shareholder/ director is permitted to withdraw monies from the company’s bank account as salary, bonus or dividend (or possibly a loan’). However, there are
January 6, 2022
Finance & Accounting>Finance & Accounting
Settlement provisions and dividends – Settlement ‘tests’
When an asset is placed within a trust it is termed as being ‘settled’. However, the tax legislation defines the word ‘settlement’ widely as including
October 28, 2021
Finance & Accounting>Finance & Accounting
Understanding how dividends are taxed
Dividends have their own tax rules and their own rates of tax. The rules and the rates apply in the same way regardless of whether
October 6, 2021
Finance and Accounting
Using ‘bounce bank loan’ to pay dividends – Is that what it was for?
Open until 31 March 2021, the Governments’ Bounce Back Loan Scheme (BBLS) helped support businesses during the coronavirus pandemic, permitting firms to apply a minimum
August 5, 2021
Finance and Accounting
Take dividends while you can
For personal and family companies, a tax efficient strategy for extracting profits is to take a small salary and to extract any further funds needed
July 26, 2021
Finance and Accounting
Tax consequences of ‘illegal’ dividends
Dividends can only be declared out of a company’s available undistributed profits, and if the payments are to be legal then the correct administrative procedures
July 23, 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
Extracting income from a family company with no retained profits
The Covid-19 pandemic has had an adverse effect on millions of family companies, potentially reducing or eliminating profits. Where there is cash in the business
August 24, 2020