tax planning Archives - Page 2 of 6

Making Tax Digital (MTD) for VAT for all

MTD for VAT for all Under Making Tax Digital (MTD) for VAT, VAT-registered traders must keep electronic records and file their VAT returns electronically using software that is compatible with MTD for VAT. Prior to 1 April 2022, MTD for VAT was only mandatory for VAT-regis...

Corporation tax increases soon to take effect

Corporation tax increases soon to take effect Corporation tax is being reformed and companies with profits of more than £50,000 will pay corporation tax at a higher rate than they do now. While the changes do not come into effect for a year, applying from the financial ye...

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...

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...

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...

Freezing of allowances and thresholds

Freezing of allowances and thresholds To help meet some of the costs incurred in dealing with the Covid-19 pandemic, the Chancellor announced in his 2021 Budget that a number of allowances and thresholds will remai...

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...

Further grants for the self-employed

Further grants for the self-employed The Self-Employment Income Support Scheme (SEISS) has provided grants and support for self-employed individua...

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...

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