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

Directors’ loans – which loan should you repay first?

Directors’ loans – which loan should you repay first? In a personal or family company the director will often borrow money from the company, this is known as a 'Directors Loan'. This can be an easy source of finance, and also one that can be tax efficient as, if you ti...

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What are the rules when paying back a director’s loan?

Paying back a director’s loan – beware of the anti-avoidance rules Transactions between a director and his or her personal or family company are common and a director’s loan account is simply an account for recording the transactions that occur between the two. Ho...

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Do I need to tell HMRC that my company is dormant?

Tell HMRC that your company is dormant If your company is no longer trading and does not have any other income, you can tell HMRC that it is dormant. This will relieve you of the need to file a company tax return or pay corporation tax. However, while your company still ex...

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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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Using your annual exempt amount for 2021/22

Using your annual exempt amount for 2021/22 All individuals are entitled to an annual exempt amount for capital gains tax purposes. Net gains (chargeable gains less allowable losses) for the tax year are free of capital gain tax to the extent that they are covered by the a...

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Overlap profits – What are they and when is relief given?

Overlap profits – What are they and when is relief given? Under the current rules for determining which profits of an unincorporated business are taxed in a particular tax year, some profits may fall to be taxed twice in the opening years of a business. These profits are...

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What is a Company Voluntary Arrangement (CVA)?

What is a Company Voluntary Arrangement (CVA)? A Company Voluntary Arrangement (CVA) is a formal process enabling a compromise to be entered into between a company and its creditors, based on a vote passed by a majority of creditors greater than 75% of those voting on the ...

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Do I need to top up my pension?

Do I need to top up my pension? A full single tier state pension is payable if you have 35 qualifying years. If you have less than 35 qualifying years, but at least 10 qualifying years you would be entitled to a reduced state pension. You can build up your qualifying ye...

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How to deal with post-Christmas Debt

How to deal with post-Christmas Debt   Everyone knows that January can be a tough month. The post-Christmas blues and the usual dreary weather can leave us feeling down and struggling to cope. Over the coming weeks, the post-Christmas credit card bills will be arri...

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Income from savings – What is tax-free?

Income from savings – What is tax-free? Not all types of income are equal from a tax perspective, and savings income enjoys dedicated allowances, tax rates and reliefs which allow a taxpayer to enjoy some or all of their savings income tax-free. Personal all...

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