Many directors/shareholders borrow money from their Companies but, as long as they repay it within 9 months of their following accounting year end date, there are no great tax implications. If it is not repaid by that deadline, a law called s.455, says the Company...
When a person gives/sells shares, investment properties etc. to a spouse, the transfer is deemed to be at a no gain/no loss value – so no CGT to pay. By transferring a half share of an investment property to your spouse prior to selling it, you can double the tax-free...
When setting up a business it is important to make sure that your bookkeeping system is suitable for your type of business – and also for your skills. It should enable you to extract useful information (e.g. how much money have I got in the bank; who owes me money?)...
The vast majority of businesses, once they reach a certain size, operate as a limited company and at some point usually consider whether to set up a company payroll (by registering with HMRC for a PAYE scheme). There are two reasons why a company would set up a...
Most expenses incurred by business are written off during the year, but some relate to assets that are used for several years, for example, vehicles and computers. Because they last for several years, you can allocate a portion of the cost to each annual set...
There are 3 tax advantages for small Limited Companies over Sole Traders and Partnerships. There is no National Insurance to pay on Dividends, but 7.5% tax is due after the first £2,000 is paid out. You pay income tax on dividends only when you take out the money...
