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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...
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...
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...
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...
Struggling to pay tax – What should you do?
Struggling to pay tax – What should you do? The January self-assessment payment deadline is not well timed, falling as it does in a month when people may be already struggling to pay their Christmas credit card bills. However unpalatable the 31 January tax deadline is, i...
Increasing the Normal Minimum Pension Age
Increasing the normal minimum pension age The normal minimum pension age (NMPA) is the age at which most pension savers can access their pensions without incurring an unauthorised pension charge (unless they take their pension earlier due to ill-health). Registered pension...
Claim tax relief for additional costs of working from home
Claim tax relief for additional costs of working from home During the Covid-19 pandemic, the advice was ‘work from home if you can’. As a result, millions of employees found themselves working at home, often at very short notice. Many still have not returned to the wor...
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...
Take advantage of the enhanced carry back of losses
Take advantage of the enhanced carry back of losses Many businesses have suffered losses as a result of the Covid-19 pandemic, and where a business has made a loss, various options are available to obtain relief for that loss. The challenge is to make the best use of the l...
Statutory payment changes from April 2021
Statutory payments from April 2021 By law, there are various statutory payments that an employer must make to an employee while the employee is absent from work. This can arise from the birth, adoption or death of a child. The employer must pay employees who meet the qua...
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