by Ruth Clark | Jul 25, 2022 | Business, HMRC
Some companies lend funds to their directors to use for private purposes. This article looks at some of the tax implications for directors/employees. When evaluating directors’ loans, there are two specific issues to consider: Benefit in kind – assessable primarily on...
by Ruth Clark | Jul 19, 2022 | Business, HMRC
If your business has spent money on plant and machinery and it is subject to corporation tax, then it may qualify for a super deduction which is a temporary allowance you do not want to miss. Qualifying purchases will need to have been made between April 1, 2021, and...
by Ruth Clark | Jul 13, 2022 | HMRC
The inheritance tax (IHT) allowance (or nil rate band) is available to every individual. In addition, the transferable nil rate band (TNRB) is a helpful facility for married couples and civil partnerships. Transferable nil rate band The TNRB rules broadly allow claims...
by Ruth Clark | Jul 7, 2022 | HMRC
A change in National Insurance contribution (NICs) levels comes into force at the beginning of July, which should save around 30m people £330 each, according to the Government. From July 6, the amount you can earn before you start paying NICs will increase, which...
by Ruth Clark | Jun 17, 2022 | Business, HMRC
One of the perceived significant benefits of incorporation is the ability to extract profits from the company through dividends. The main advantage is the National Insurance saving, as no NICs are payable on dividends. In contrast, a salary payment would attract...
by Ruth Clark | Jun 9, 2022 | HMRC
There is a tendency for many of us to leave our tax returns until the last minute. It’s human nature to want to delay dealing with something we find uncomfortable. However, if you get your tax return for the 2021/22 tax year completed sooner rather than later, you...
