Advice

Browse 227 Advice about Tax

Overdrawn director’s loan accounts 11 Mar 2019 Bookkeeping, Tax - When running a business the directors, might need borrow money from the company or vice versa. These transactions should be tracked via the director’s loan account.
The CGT annual exemption – use it or lose it! 11 Mar 2019 Deadlines, Tax - The most common method to minimise Capital Gains Tax liability is to ensure that the annual exemption is fully utilised.
Tax-Free Health & Fitness Benefits For Your Employees 6 Mar 2019 Employment, Tax - Employers are allowed tax breaks and exemptions to offer health and fitness at work, in order to prevent work-related illness and injuries.
What can be done with business losses? 6 Mar 2019 Bookkeeping, Tax - There are different kinds of relief that can help your early stage business reduce your losses.
Director’s loan accounts: recording personal expenses 25 Feb 2019 Bookkeeping, Tax - Expenses and cash payments incurred on behalf of a director can look ambiguous to HMRC, so it's very important to keep accurate records of all your transactions.
Should you pay yourself a Salary or take Dividends? 25 Feb 2019 Strategy, Tax - Once the optimal salary has been paid, dividends should be paid to use up the dividend allowance. If further profits are to be extracted, there will be tax to pay, but the combined tax and National Insurance impact on dividends is less than for salary payments.
The importance of keeping good business records 20 Feb 2019 Bookkeeping, Tax - Regardless of whether you're running a business as a sole trader, in partnership or as a limited company, it's vital to keep complete and accurate records of your business transactions. This way you'll be sure to pay the correct amount of tax to HMRC and avoid unwanted fines.
Tax efficient remuneration using pension contributions 20 Dec 2018 Employment, Tax - Pension contributions can be a tax efficient way of increasing pay packages of your employees. With generous reliefs from the government they are a win-win.
How to benefit from Annual Investment Allowance 14 Dec 2018 Investment, Tax - From January 2019, businesses considering investing more than £200,000 in plant and machinery may benefit from a change to the capital allowances rules, which should allow them to obtain tax reilef at a much earlier time.
Paying mileage allowances tax free 14 Dec 2018 Bookkeeping, Employment, Tax - If the employee is travelling with a company car and the employer meets the fuel costs, this can be done tax-free as long as the costs don’t exceed HMRC’s advisory rates, which are updated quarterly.
Entrepreneurs Relief – What did the Budget change? 14 Dec 2018 Policy, Tax - Before the Autumn Budget, earlier this year, it was rumored that the Chancellor would scrap Entrepreneurs’ Relief. Eventually, this was not the case. However, the scheme eligibility criteria have been modified. Changes to the “personal company” criteria are effective from Budget Day, the extension of the qualifying period will be applied starting on 6 April 2019.