Tax implications of writing off a director’s loan
Personal and family companies often make loans to directors. However, there can be tax and National Insurance implications of doing so. Where the loan remains …
Take advantage of the property rental toolkit
HMRC publish a property rental toolkit which can be used to avoid making common errors when reporting income from property on the Self-Assessment tax return. …
Tax implications of failing to pay rent on a property held in a SIPP
Using a Self Invested Personal Pension (SIPP) to hold commercial property which can be rented to your personal or family company can be beneficial. Instead …
Relief for post-letting expenses
All good things come to an end, and a property rental business is no exception. However, expenses may be incurred in relation to that property …
Too much cash in the company?
Although many companies are facing difficult times, some have managed to accumulate a sizeable amount of cash in their business’s current account. Leaving this cash …
HMRC has methods of collecting outstanding taxes
Tax bills need to be paid on time; otherwise, interest and possibly penalties will accrue. HMRC is amenable to payment by instalments under the Time …
Can any expenses be claimed if you visit a client on business during holiday?
The hot weather often brings thoughts of holidays, but for those in business, work is always on the mind. So, what is the tax position …
Calculating adjusted net income and why it matters
Adjusted net income is a key measure of income for tax purposes. It is total taxable income before taking account of any personal allowances and …
Dealing with a Simple Assessment letter
Simple Assessment is used by HMRC to collect tax underpayments from taxpayers with straightforward tax affairs. It removes the need for the taxpayer to complete …
When do you need to register for VAT and how do you do it?
If you are running a business, regardless of whether you operate as a sole trader, in partnership or the business is run as a limited …
Making a loan from a personal company to a family member
There are many possible situations in which a person may make a loan to a family member, for example, a parent may lend money to …
Capital allowances for cars
Cars are a special case when it comes to capital allowances. While capital allowances may be claimed on cars used in a business, partners and …
