It’s Friday night down the pub. You’re busy chatting about the work week and your pal pipes up with some advice on expenses.
“My accountant says it’s fine to put your summer holiday down as a business expense.”
TaxTips
It’s Friday night down the pub. You’re busy chatting about the work week and your pal pipes up with some advice on expenses.
“My accountant says it’s fine to put your summer holiday down as a business expense.”
Think of an accountant as your business’s own personal superhero. A great accountant will support you, help you grow and ensure you keep as much of your hard earned cash as possible.
Should I buy or lease a vehicle for my business? As your business grows, you may find you or your team are required to spend more time out on the road. You know you need to add extra vehicles to your setup as you keep expanding, but should you lease or buy a vehicle for […]
“Can I buy clothes through my business?” asked Jamie, a client, as we were having a coffee last week. “I’m back in the office now, and the client meetings are stacking up. And 2 years of working at home means I’ve put on a few pounds!” Sadly I had to tell Jamie the bad news. […]
How do you transfer a company property to personal ownership? We were recently contacted by Fred, whose company bought a residential property several years ago which he lives in. His co-directors have recommended that the property be transferred to the shareholders’ personal ownership. What are the possible tax consequences? Company-owned dwellingsHMRC aren’t keen on a […]
Did you know that you can claim business mileage for riding your bike at work? Here is how to get fit, save tax, and protect the environment. Do you use a bike at work to go and visit customers, suppliers or your Accountant? A little know fact is that you can claim business mileage for […]
Pass on your house free of IHT. The introduction of the residence nil rate band (RNRB) opens up the possibility of leaving the family home to successive generations without triggering an inheritance tax charge. Pass on your house free of IHT The introduction of the residence nil rate band (RNRB) opens up the possibility of […]
Can I employ a family member in my business? How much should I pay them? What are the pitfalls to avoid? Many small businesses, whether incorporated or not, pay family members for working for the business. However, as a recent case shows, it is easy to make mistakes which can prove costly. The case in […]
Dividends provide an opportunity to extract profits in a tax-efficient manner. Extracting profits as dividends Dividends provide an opportunity to extract profits in a tax-efficient manner. As a rule of thumb, it is generally tax-effective to take a salary equal to the primary and secondary threshold for National Insurance purposes or the personal allowance (set […]
A loan trust can be used as a vehicle to save inheritance tax, whilst retaining the ability to access the funds lent to the trust. A loan trust can be used as a vehicle to save inheritance tax, whilst retaining the ability to access the funds lent to the trust. How does it work? There […]