If your company makes a profit it can pay this to its shareholders as and when it wants. These are known as ‘distributions’ in company and tax law, the most common form of distribution is dividends. Dividends is normally taxed as income for individuals, but an exception to this rule is where distributions are made Read more about Closing a company- How best to extract profits from your company[…]
Choosing tax and national insurance efficient types of income to draw from your company can make a big difference to its worth to you. The Options Salary – As a rule of thumb, salary within of the national insurance threshold (£8,164 for 2017/18) is the most efficient option Dividends – This option became less Read more about Director’s – Salary, Dividends or perks?[…]
You can apply for 2 grants to help your business complete customs declarations, in preparation for the UK leaving the EU. You can apply to get funding for: training that helps your employees to complete customs declarations and processes IT improvements to help your business complete customs declarations more efficiently Who can apply You can Read more about Apply for grants if your business completes customs declarations[…]
Deadline for submitting your 2017/18 self assessment return (£100 automatic penalty if your return is late) and the balance of your 2017/18 liability together with the first payment on account for 2018/19 are also due. This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to Read more about Self assessment (Tax Return) Deadline filing deadline is fast approaching[…]
It has been a year since the rapid increase in the value of cryptoassets, most notably in bitcoin, since the peak observed in December 2017. With the Self-Assessment (SA) deadline approaching you will need to consider how to treat them for tax purposes. The term ‘cryptoassets’ Is an umbrella term that encompasses all different types Read more about Cryptoassets[…]
What is rent a room? Rent a room relief (RARR) allows anyone who lets all or part of their home, say to a lodger, ro receive tax free the lesser of £7,500, or £3,750 for each joint owner of the property, per year. The exemption applies to rents and related payments, e.g. money for laundry Read more about New rules on rent-a-room[…]
Here are some of the key points from the budget of 29 October 2018: Savings The ISA allowance is held at £20,000. The Junior ISAs annual allowance and Child Trust Funds for 2019/20 will be increased in line with CPI to £4,368. National Savings and Investments (NS&I) have announced the minimum investment for premium bonds Read more about Main points from the budget (29 October 2018)[…]
Limited companies must file a confirmation statement with Companies House each year. A confirmation statement confirms the information that Companies House holds about your company is correct and up to date. Want to find out more about a confirmation statement and how to file one, then watch Companies House latest animation video below
A company car used by a director or employees potentially a taxable perk, even where it’s only used for business. The tax charge arises where the car is “available” for private use. Actual use is less important. Therefore, the first step to avoid a tax charge is to communicate that t’s not available for private Read more about Pool Cars[…]