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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 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...
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...
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...
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...
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...
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...
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...
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...
Electric cars from April 2021 – what you need to know!
Electric cars from April 2021 For 2020/21, it was possible to enjoy an electric company car as a tax-free benefit. While this will no longer be the case for 2021/22, electric and low emission cars remain a tax-efficient benefit. How are electric cars taxed?...
Are you trading? Tax implications you need to know about!
Are you trading? Lockdown restrictions have forced many businesses to close temporarily. Selling goods or clothes on sites such as eBay and Depop offers the opportunity to raise some much-needed cash in these difficult times. However, it is important that you know the asso...
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