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?
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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?
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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?
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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?
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SELF-ASSESSMENT - 29.11.2023
December deadline for tax returns
Apart from the well-known 31 October and 31 January deadlines for self-assessment returns, there’s one in December too. What is it and why might it matter to you?
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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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