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

Five tax-efficient ways to extract profits

Five tax-efficient ways to extract profits If you operate your business as a personal or family company, you will need to extract some or all of the profits if you wish to use them personally. When it comes to tax, not all profit extraction methods are equal. While persona...

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Tax-free savings income

Tax-free savings income There are various ways to enjoy savings income tax-free. However, not all routes are open to all taxpayers – the options depend on the nature of the savings and the saver’s other earnings and marginal rate of tax. Savings Allowance...

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Tax relief for pre-trading expenses

Tax relief for pre-trading expenses There is a lot of preparation involved in setting up a business, and costs will be incurred, which may be substantial. Tax legislation recognises that pre-trading expenses are inevitable for many businesses. Pre-trading expenses may incl...

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How are dividends taxed?

Understanding how dividends are taxed Dividends have their own tax rules and their own rates of tax. The rules and the rates apply in the same way regardless of whether the dividends are paid from your personal or family company as part of a profit extraction strategy, or ...

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Relief for losses in the early years of a trade

Relief for losses in the early years of a trade It is not uncommon to realise a loss in the early years of a trade. However, traders who commenced their self-employment in 2019 or 2020 may also have suffered as a result of the pandemic. Although the ...

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The difference between legal and illegal dividends

Legal v illegal dividends There are many differences between legal and illegal dividends that as a business you need to be aware of. Changed business conditions in light of the Coronavirus pandemic have caused many companies to review thei...

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Changing a will after death

Changing a will after death As long as certain conditions are met, it is possible to change a will after death. This is known as a post-death variation, and it can be a useful tax planning tool. A post-death variation can be made to: ...

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Annual investment allowance or writing down allowance?

Annual investment allowance or writing down allowance? The way in which relief for capital expenditure is given depends on the way in which the accounts are prepared. For companies, sole traders and partnerships not eligible to use the cash basis, accounts must be prepar...

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What to do if you need to change your tax return

What to do if you need to change your tax return You made it and filed your self-assessment tax return for 2018/19 by the 31 January 2020. However, having felt pleased with yourself, you realise to your horror that you have made a mistake and need to correct your return. ...

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Making the most of pension tax allowances

Making the most of pension tax allowances There are many ways in which you can make the most of your pension tax allowances. Pension savings can be tax efficient, as contributions to registered pension schemes attract tax relief up to certain limits. Limit ...

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