EXPENSES - 21.10.2020
The tax-free benefits of business travel
Handling your employees’ travel expenses claims is time consuming and the tax and NI requirements can be tricky. The good news is that the process can be simplified by paying flat rate tax-exempt allowances. What are they?
CAPITAL ALLOWANCES - 21.10.2020
Capital or revenue expenditure - the tribunal decides
The First-tier Tribunal (FTT) recently ruled on a case involving one of HMRC’s favourite battlegrounds; whether an expense was capital or revenue. What was the outcome and why might it be significant for your business?
PROPERTY - 21.10.2020
Avoiding the buy-to-let interest restriction
You let a residential property which you bought with the help of a mortgage. Personal tax rules mean that relief for the loan interest is restricted. As you also own a company, can you transfer the income to it and so dodge the restriction?
PROFIT EXTRACTION - 19.10.2020
Benefit in kind or a distribution?
You’re the shareholder of a company which you’re closing down. It has a small amount of cash in the bank and a van. Is it more tax efficient to sell the van before the company is wound up or transfer it to yourself and sell it privately?
PAYE - 19.10.2020
When should you account for PAYE on your salary or bonus?
After reducing your salary because of poor cash flow over the summer months the plan is to top up your pay with a bonus. It won’t be paid until after the end of the company’s current financial year, but when must you account for the PAYE?
PROFIT EXTRACTION - 22.09.2020
Don’t pay the wrong kind of dividend
The director shareholders control a company’s dividend payments but the rules that determine when they are taxable vary depending on the type of dividend. How can you ensure they are taxed at the right time for maximum efficiency?