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

Electric charging points – Is there a tax liability?

Electric charging points – Is there a tax liability? As part of the Government’s push to encourage drivers to ‘go electric’, the Transport Secretary, Grant Shapps, announced an extension to a £50 million Government fund to install electric charge ...

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Get ready for the next steps of Making Tax Digital

Get ready for the next steps of Making Tax Digital Making Tax Digital (MTD) is a government programme to move to a digital tax world. HMRC’s stated ambition is to become one of the most digitally advanced tax administrations in the world. MTD involves fundamental changes...

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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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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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Making a negligible value claim

Making a negligible value claim Where assets that have become worthless, it may be possible to make a negligible value claim, allowing a loss to be realised which can be set against chargeable gains to reduce the capital gains tax liability. This claim can be made either o...

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No retained profits – Can you extract cash to cover your living expenses?

What should you do if your business doesn’t have enough profits to pay a dividend? If you operate through a limited company, for example as a personal or family company, you will need to extract funds from your company in order to use them to meet your personal bills. Th...

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Reporting expenses and benefits for 2020/21

Reporting expenses and benefits for 2020/21 Employers who provided taxable expenses and benefits to employees during the 2020/21 tax year will need to report these to HMRC, on form P11D...

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Reduced rate of VAT

Reduced rate of VAT To help the hospitality and leisure industry recover from the impact of the first national lockdown, a reduced rate of VAT of 5% was introduced for a limited period from 15 July 2020. The reduced rate of VAT was originally to apply until 12 January 202...

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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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Personal and family companies – Optimal salary for 2021/22

Personal and family companies – Optimal salary for 2021/22 A popular profit extraction strategy for shareholders in personal and family companies is to pay a small salary and to extract further profits as dividends. The optimal salary will depend on whether the employmen...

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