Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
Cycle to work tax-free As the cost-of-living crisis deepens, many employees are looking to save money. One option is to cut the cost of the commute by cycling to work. There can be tax benefits for this too. Exemption for employer-provided cycles...
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...
Five ways to save inheritance tax
Five ways to save inheritance tax Inheritance tax is often described as a voluntary tax. While most of us do not know in advance when we are going to die, there are steps that you can take to reduce the amount of inheritance tax on your estate. Here are five suggestions. ...
What is a Members’ Voluntary Liquidation (MVL)?
What is a Members' Voluntary Liquidation (MVL)? An MVL is a formal liquidation process that closes a solvent company in a tax-efficient manner. The purpose of an MVL is to distribute the assets to the shareholders as capital rather than income, making it a popular option ...
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...
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...
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 ...
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 ...
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 ...
Tax relief on loans to close companies
Tax relief on loans to close companies Family and personal companies are often ‘close’ companies. Broadly, this is one that is controlled by five or fewer shareholders or any number of shareholders all of whom are directors. In a ...
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