Tax

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PROFIT EXTRACTION - 29.11.2023

Setting tax-efficient salary - don’t be too quick on the draw

As a director of your small company you have complete autonomy over when and how you are paid. What do you need to consider before committing your company to a salary if cash is tight?

INHERITANCE TAX - 29.11.2023

Problem with residence nil rate band rules?

The mother of one of our subscribers owns a house in a retirement community. When she dies the property must be sold back to the property management company. Will this mean the estate will lose the residence nil rate band (RNRB)?

CAPITAL GAINS TAX - 29.11.2023

How to transfer a business to a company tax efficiently

Anti-avoidance rules prevent business asset disposal relief applying on capital gains made from transferring goodwill from an unincorporated business to a company. But it’s still possible to achieve a 10% tax rate. How’s it done?

DIRECTORS’ REMUNERATION - 29.11.2023

New companies - how soon can a director be paid?

You’ve formed a company and are in the process of getting it up and running. As it hasn’t generated any income yet can it pay you a salary, and if it does will it be entitled to tax relief for it?

PROFIT EXTRACTION - 29.11.2023

Company loans - a cheap form of profit extraction

Despite falling inflation, the Bank of England says it won’t rush to reduce interest rates. So, if you need a loan and your company has available cash is it cheaper and more tax efficient to borrow from it instead of your bank?

INCOME TAX - 29.11.2023

HMRC’s marriage allowance calculator fails to impress

HMRC recently launched an online calculator to help individuals decide if they are entitled to the marriage allowance (MA). This can save couples a modest amount of tax. The trouble is the calculator isn’t accurate. What’s the full story?

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Tax

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SELF-ASSESSMENT - 03.10.2023

HMRC tips for prompt tax refunds

HMRC has published new guidance about why refunds are sometimes not issued, and if they aren’t how you can speed up the process. What’s the full story?

PENSIONS - 31.10.2023

Changes to pensions auto-enrolment age

New law. On 18 September 2023 the Pensions (Extension of Automatic Enrolment) Act 2023 received Royal Assent. It gives the government the power to: (1) lower the minimum age for eligible jobholders to be automatically enrolled into a workplace pension scheme from 22 years to 18 years; and (2) reduce the minimum earning threshold at which employers must contribute to an eligible jobholder’s workplace pension from £6,240 p.a. to £1 p.a. The latter will be achieved by removing the lower earnings limit threshold from pensions auto-enrolment calculations. ...

EXPENSES - 05.09.2023

Deductible director’s entertainment - too good to be true?

You’re the sole shareholder and director of a growing trading company. It’s been a good year and you want to celebrate in style with the employees who helped. Will HMRC allow tax relief if you put the expense of entertaining everyone through the business?

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