Tax - Income tax

Recently added Tips & Advice


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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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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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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Tax - Income tax

Most read Tips & Advice

SELF-ASSESSMENT - 03.10.2023

HMRC tips for prompt tax refunds

HMRC has published new guidance about why refunds are sometimes not issued, and if they aren’t how you can speed up the process. What’s the full story?
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EXPENSES - 05.09.2023

Deductible director’s entertainment - too good to be true?

You’re the sole shareholder and director of a growing trading company. It’s been a good year and you want to celebrate in style with the employees who helped. Will HMRC allow tax relief if you put the expense of entertaining everyone through the business?
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PAYROLL - 18.09.2023

HMRC’s warning over payroll errors

HMRC says that some employers are incorrectly processing workplace pension contributions. Why is this a big problem and how can you correct it?
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