Every person who is resident in the UK is given a personal allowance each tax year. It operates as follows: The personal allowance is the amount of income you can receive before paying tax – and it generally increases each tax year. For the 2019/20 tax year, it is...
No it can’t. A Company pays Corporation Tax on its profits before dividends are paid out. Consequently, shareholders are treated as having already paid some tax on their dividends but they do have 7.5% dividend tax to pay (on dividends above £2,000) and shareholders...
If you have net rental income on which you’ll have tax to pay, (rent minus expenses) then you must register for a Self- Assessment tax return and keep a record of your rental income and ‘allowable’ expenses (you can find out what they are here...
Many director/shareholders borrow money from their Companies but, as long as they pay it back within 9 months of the following accounting year end date, there are no great tax implications. If it is not paid back by that deadline, a law called s.455, says the Company...
Talk the franchise proposition through with an accountant. If you still think it is a good proposition, decide on the business structure (e.g. Limited Company), bookkeeping records and VAT registration, as with any business. Franchisees often pay a large lump sum for...
Electric cars were not Tax efficient but they will be! For a couple of years I have been saying that electric cars for Company owners are tax efficient with 100% write-off against profits in the year of purchase, and low benefits-in-kind on the director/employee....
