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Using your home for business and capital gains tax

You’ve converted a room in your house into a study so that you can work at home more often. A colleague tells you that this can mean that you’ll lose some of the capital gains tax relief that usually applies to homes. Is he right?

Working from home

As the owner manager of a business working at […]

By |May 6th, 2016|Tax|0 Comments

Budget March 2016 – Company directors – Beware!

 

Rate of tax for the loans to Directors to go up!

Who is likely to be affected?

Close companies which make loans to their directors or make other arrangements through which directors extract funds from their companies.

General description of the measure

The rate of tax charged on loans to directors and other arrangements (currently 25%) is being specifically […]

By |March 18th, 2016|Tax|0 Comments

PROFIT EXTRACTION

When will the new dividend tax be payable?

A hike in tax rates will affect dividends you receive on or after 6 April 2016. Working out how much the extra tax will be is tricky enough, but when and how will you be expected to pay it?

New tax rules – recap

As a shareholder you’ll be aware […]

By |March 18th, 2016|Tax|0 Comments

EXPENSES

Are meals on the company ever tax deductible?

These days business lunches etc. are a common expense for most companies. The tax deductibility depends on who’s being fed and why. What are the rules and how can you work with them to maximise tax efficiency?

Meals are entertaining

As you probably know, tax rules don’t allow deductions for […]

By |March 18th, 2016|Tax|0 Comments

Turning pension contributions into tax-free income

If you have money to invest you could go for one of the government’s tax-advantaged schemes like ISAs. These have proved popular, but could the changes to scheme rules make a pension a better home for your cash?

Tax-advantaged investments

Tax-advantaged investments come in all shapes and sizes. Some offer tail-end tax benefits, e.g. ISAs, i.e. there’s […]

By |February 12th, 2016|Pension Scheme, Personal Tax, Tax|0 Comments

What’s the trouble with fuel for company cars?

If your business provides company cars you need to take extra care in accounting for the cost of fuel. Get it wrong and your business and the driver will be hit with hefty tax and NI bills. What’s the problem and how can you avoid it?

Who’s paying the fuel bill?

As fuel prices fluctuate, keeping track can be a headache, yet […]

By |January 18th, 2016|Business Tax, Company Car, Tax|0 Comments

How much can you borrow from your company?

As directors, you and your colleagues hold the company’s purse strings. You can even borrow cash from it, but if you do company law imposes conditions. What are they and do you really have to bother with them?

In theory

As a director shareholder of a small company it’s easy to think of it as your business. The trouble […]

By |January 18th, 2016|Business Tax, Tax|0 Comments

Should your next company car be a van?

While the tax advantage of having a certain type of company van as a perk has reduced slightly, they remain tax efficient. But how do the tax charges compare to those for company cars?

Van or car?

You probably already know that manufacturers produce vehicles that cross the refinements of a car with the practical functions of […]

By |January 15th, 2016|Company Car|0 Comments

What’s new with 2016/17 tax codes?

HMRC is working out 2016/17 tax codes ready for issue in early 2016. Changes to dividend and other investment income tax rates, plus a new system for taxing benefits might mean radical changes to your code. What’s the full story?

The right code

The amount of tax you pay on your salary etc. depends on your code […]

By |January 15th, 2016|Business Tax, Company Car, Personal Tax, Property Tax, Tax|0 Comments

What can EIS do for you?

Earlier in 2015 changes to the rules for companies raising capital through the enterprise investment scheme (EIS) were announced. What effect, if any, do they have on the availability of tax breaks for investors?

EIS risk and reward

Because of the generous tax breaks it offers, EIS and its predecessor schemes have been one of the government’s […]

By |January 11th, 2016|Personal Tax, Uncategorized|0 Comments