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?
EXPENSES - 29.11.2023
Handling mixed-purpose travel expenses
Your company pays for an employee’s business trip which lasts a few weeks. The employee uses his downtime to make sightseeing trips. Does this private purpose mean that your company has to treat any part of the expense as taxable?
PROFIT EXTRACTION - 14.11.2023
Pros and cons of charging your company rent
If you own your business’s trading premises, charging rent can be a good way to extract income. The trouble is it can increase any capital gains tax (CGT) payable if you sell the property. Can the income tax saving justify the extra CGT?
PROPERTY - 26.10.2023
All repair and improvement costs tax deductible?
Recording expenses relating to business premises often causes trouble. If you get it wrong it can mean tax deductions are lost or overstated leading to an HMRC enquiry. How should you approach recording this type of expense?
PROFIT EXTRACTION - 26.10.2023
Tax efficient remuneration for multiple companies
On advice from your accountant your businesses are owned by separate companies within a group. As a director of each company what’s the most tax and NI-efficient way to be paid earnings from them?
PROFIT EXTRACTION - 17.10.2023
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?