Leasing through a Limited Company The Good… Reclaim VAT on lease payments – handy if you are VAT registered and extra handy if there’s no private use of the vehicle so you can reclaim 100% of the VAT. If private use does occur, you can only reclaim 50% of the VAT Lease payments are tax deductible […]
In the 2019/20 and 2020/21 tax years, UK Companies must pay Corporation Tax on taxable profits at a rate of 19%. This means that a company with £50,000 of taxable profits will pay £9,500 in Corporation Tax. The UK tax system is known to be quite complex, so finding ways to legitimately reduce your Corporation […]
During the budget, the Chancellor announced tax rates and allowances for the new tax year – which starts on April 6th.
The budget is one of the most eagerly anticipated annual announcement for accountants and their clients alike. It can act as a key planning tool for the finances of individuals and businesses.
HMRC has announced that it intends to withdraw blank P60 & P45 forms from tax year 2020-21 onwards. This is part of its digitisation of communications project and should be applauded for being environmentally friendly. Requests for P60 forms can be made until June 2020 whereas P45 forms will be withdrawn indefinitely in April 2020. […]
Fraudsters frequently send phishing text messages claiming to be from HMRC (see below) detailing that you are eligible for a tax refund.
The following is for guidance purposes only and should not to be taken as exhaustive.
If you’re registered for VAT, your VAT return must include figures for EU purchases and sales, but you might also be required to provide EC sales list or intrastate reports. When do these apply?
Limited companies, must include specific information such as the company’s name on all company stationery, documents, publicity and letters. Companies House regulations say that the company’s letters must have the following contents: The company’s registered name This is the name as it appears on the certificate of incorporation and includes the word “Ltd” or “Limited”. […]
Tax planning plays a key role when extracting profits from a company, therefore, careful thought should be given to a strategy which is tax efficient. Salaries This is the simplest and obvious way of extracting money from the company. By taking a salary between the lower earnings limit (£6,136) and the primary threshold limit (£8,632) […]
Director’s Loan Accounts Transactions between a director and a personal/family company are recorded through the director’s account for accounting purposes. If the director(s) owes the company any money, there will be tax consequences which need to be considered. A tax charge will arise under s455, CTA 2009 where a director’s loan account is over drawn […]