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Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency

Take dividends while you can

Take dividends while you can For personal and family companies, a tax efficient strategy for extracting profits is to take a small salary and to extract any further funds needed outside the company in the form of dividends. However, while there are no restrictions on takin...

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Can you claim the Employment Allowance for 2021/22?

Can you claim the Employment Allowance for 2021/22? The Employment Allowance is a National Insurance allowance that enables eligible employers to reduce their employers’ (secondary) Class 1 National Insurance bill by up to £4,000. However, not all employers can claim th...

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Paying family members

Paying family members Regardless of the business structure (for example limited company or sole trader) it is possible to employ family members. This has some obvious advantages including matters of trust and reliance etc. There may also be financi...

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Extracting income from a family company with no retained profits

Extracting income from a family company with no retained profits The Covid-19 pandemic has had an adverse effect on millions of family companies, potentially reducing or eliminating profits. Where there is cash in the business that can be withdrawn, possibly because the bu...

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Utilising the 2019/20 dividend allowance

Utilising the 2019/20 dividend allowance The dividend allowance is quite unusual in that it is available to everyone and everyone has the same allowance. For 2019/20 the allowance is set at £2,000. In common with many allowances, it is a case of use it or lose it. ...

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Entertaining expenses are complicated, make sure you know the facts!

Can we deduct entertaining expenses? The tax rules on the deductibility of entertaining expenses are harsh and often misunderstood. The fact that the expenditure is incurred for business purposes does not...

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The last thing you want for Christmas is an inheritance tax liability!

Beware of triggering an IHT bill on Christmas gifts When deciding what to give as Christmas gifts, the possibility of triggering an unintended inheritance tax liability is not one that immediately springs to mind. However, t...

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Have you heard of ‘bed and breakfasting’ a director’s loan?

Directors’ loans – Beware of ‘bed and breakfasting’ It can make sense financially for directors of personal and family companies to borrow money, in the form of a director's loan, from the company, rather than from a commercial lender. Depending on when in the fina...

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Family companies – do you have the optimal salary for tax?

Family companies – optimal salary for 2019/20 Do you have the optimal salary for tax purposes? For personal and family companies it can be beneficial to extract some of your profits in the form of a salary. If you do not have 35 qualifying years in order to be eligibl...

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