Tax - Extracting income from a company

Recently added Tips & Advice

EXPENSES - 07.07.2020

More news on homeworking expenses

Home equipment. We recently told you about a new tax and NI exemption which applies where employers reimburse an employee the cost of equipment, e.g. a computer, so that they can work at home if they need to because of coronavirus ( yr.20, iss.17, pg.1 , see The next step ). HMRC has now published further guidance which adds an interesting spin to the exemption. ...
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REMUNERATION PLANNING - 07.07.2020

Restarting salary from your company

You’ve not drawn salary from your company for the last three months because its income was significantly reduced. It’s now improving and you’re restarting your salary next month. Is it worth paying yourself the arrears?
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PROFIT EXTRACTION - 22.06.2020

Selling your company - break it up to save tax

You’ve found a buyer for your business. They don’t want to buy the company itself, only its assets. You’ve been told that this can increase the tax you’ll have to pay on the sale. How can you make the arrangement more tax efficient?
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EXPENSES - HOMEWORKING - 08.06.2020

Making an expenses claim

If you’ve worked at home because of coronavirus you might have incurred extra costs for which you can claim a tax deduction. How do you make the claim and what happens after the tax year ends?
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CARS - 08.06.2020

Advisory fuel rates fall significantly

New rates. HMRC has updated its advisory fuel rates (AFRs) for company cars from 1 June 2020. The old rates (shown in brackets in the table below) can be used until 30 June 2020. To avoid a car fuel benefit charge, employers and employees can compensate each other at the appropriate AFR for the cost of fuel paid for by the other. Because there’s wide variation in fuel prices across the UK you may prefer to work out your own fuel rates. HMRC will accept these as long as they are reasonable ...
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PROPERTY - 28.05.2020

How not to lose the tax breaks on holiday homes

The prospects of you letting your holiday home are looking glum this season. As a result, it might cease to qualify as a furnished holiday let and so lose the corresponding tax advantages. What steps can you take prevent this?
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Tax - Extracting income from a company

Most read Tips & Advice

CARS - 08.06.2020

Advisory fuel rates fall significantly

New rates. HMRC has updated its advisory fuel rates (AFRs) for company cars from 1 June 2020. The old rates (shown in brackets in the table below) can be used until 30 June 2020. To avoid a car fuel benefit charge, employers and employees can compensate each other at the appropriate AFR for the cost of fuel paid for by the other. Because there’s wide variation in fuel prices across the UK you may prefer to work out your own fuel rates. HMRC will accept these as long as they are reasonable ...
Read more

EXPENSES - HOMEWORKING - 08.06.2020

Making an expenses claim

If you’ve worked at home because of coronavirus you might have incurred extra costs for which you can claim a tax deduction. How do you make the claim and what happens after the tax year ends?
Read more

EXPENSES - 07.07.2020

More news on homeworking expenses

Home equipment. We recently told you about a new tax and NI exemption which applies where employers reimburse an employee the cost of equipment, e.g. a computer, so that they can work at home if they need to because of coronavirus ( yr.20, iss.17, pg.1 , see The next step ). HMRC has now published further guidance which adds an interesting spin to the exemption. ...
Read more

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