Running a business - Tax & NI

Recently added Tips & Advice


Tax and NI planning for multiple directorships

You’re a shareholder and director of three companies. You currently take a low salary from each company topped up with dividends. But is this really the most tax-efficient option?
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PROPERTY - 08.07.2024

Improvement and finance losses and how to claim them

You’re making substantial repairs and improvements to your buy-to-let property. You’ve borrowed from the bank to finance the repairs and these loans will wipe out the profit for a few years. What tax relief are you entitled to and how can you claim it?
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HMRC unable to solve Class 2 NI problem

Class 2 refunds. HMRC has issued a warning for anyone who paid voluntary Class 2 NI contributions through their 2022/23 self-assessment and has subsequently received a refund or credit from HMRC. This may have happened if you submitted your 2022/23 tax return before 31 January 2024. You would have paid Class 2 voluntary contributions if your business profit for 2022/23 was less than the small profits threshold of £6,725, and you indicated you wanted to pay them in the self-employed pages of your tax return. ...
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CARS - 01.07.2024

Reduce company car tax with capital contribution

It’s time to replace your company car. A friend says that if you make a personal contribution to the cost it will be more tax efficient. The trouble is, you don’t have the cash for this. Is there still a way to achieve the tax saving?
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HOMEWORKING - 01.07.2024

Creating a home office tax efficiently

You want to erect a cabin in your garden to use as a home office. You and your family will also use it for private purposes. Will it be more tax efficient for you or your company to pay for it?
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MTD for Income Tax Self-Assessment - what’s the latest?

In February 2024 important amendments to the Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) rules became law. How will the changes affect your business when MTD ITSA becomes mandatory?
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Running a business - Tax & NI

Most read Tips & Advice

TRAVEL - 30.04.2024

The latest on home-to-work travel

HMRC has changed its guidance on home-to-work travel costs where an employee’s home is their workplace. How might this affect your right to tax relief?
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Can dividends ever be paid from loss-making company?

Dividends are generally the most tax-efficient form of income you can take from your company but they can only be paid out of profits. Despite this, might there be a way for your loss-making company to pay you a dividend?
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INCOME TAX - 24.06.2024

Two important tax changes dropped

New law. The Finance (No.2) Act 2024 (FA No 2) received Royal Assent and so became law at the end of May. The general election being called for 4 July meant there wasn’t enough time to include all the tax changes announced in this year’s Budget. ...
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