Tax - Extracting income from a company

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TAX CASES - 21.05.2024

Were distributions capital or income in nature?

Beard v HMRC. Mr Beard (B) received distributions from a company not resident in the UK (G). These came from the company’s capital account, but HMRC determined that they should be subject to income tax in the UK. The First-tier Tribunal agreed, so B appealed to the Upper Tribunal (UT). ...
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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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BENEFITS - 17.04.2024

The tax advantages of benefits in kind

Your company is doing especially well and you want to take advantage of its good fortune. The priority income you take should be tax efficient. Why might benefits in kind be your best option?
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PROFIT EXTRACTION - 17.04.2024

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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PROPERTY - 03.04.2024

Property expenses - HMRC admits error

In late 2023 HMRC wrote to landlords suggesting they may have claimed tax relief they weren’t entitled to. It now accepts it was wrong. What’s the full story?
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PROFIT EXTRACTION - 18.03.2024

Avoiding or reversing inefficient profit extraction

The end of the tax year is almost here and it’s time to check your tax position. You may have room to take more tax-efficient income from your company, or you might discover you’ve overdone it. What steps can you take to rescue the situation?
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Tax - Extracting income from a company

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?
Read more

PROFIT EXTRACTION - 17.04.2024

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?
Read more

EXPENSES - 05.03.2024

Overseas business trip with the family - is it taxable?

Our subscriber is making an overseas trip for business and is taking her spouse and two children so they can holiday while she’s working. Her question is, can she put the expense through her company and if so are there any tax considerations?
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