What is Business Asset Disposal Relief (Entrepreneurs’ Relief)?
Business Asset Disposal (‘BAD’) Relief (formerly Entrepreneurs’ Relief) is a reduced rate of Capital Gains Tax that applies when ones sells certain business assets; or all/part of a business; or more than 5% of shares in a small company in which you work or hold...What is s.455 tax on overdrawn Director’s Loan accounts?
This tax is the result of an overdrawn Director’s Loan Account (DLA). Here is a brief explanation of how they can arise; the implications, and what to do. An overdrawn Director’s Loan Account (DLA) can often arise accidentally when a Director/shareholder takes money...Do I need to pay tax on rental income?
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...Should I pay myself extra salary or extra dividends?
Generally, for small Companies, dividends are still more tax efficient than salary because they avoid 13.8% Employer’s National Insurance plus, possibly, 12% Employee’s National Insurance. So usually it’s better to vote, and pay dividends – but it depends on your...Can HMRC collect unpaid tax from my salary?
HMRC can collect outstanding tax via an employed tax code after a Self-Employed business fails.