Clearing a director’s loan account tax efficiently

Writing off an overdrawn director’s loan account can be tax efficient. The trouble is it can come with a large NI bill. Is there a more tax and NI efficient option? Director’s loan accounts You probably already know about the tax that can result if you borrow money from your company. But to recap, you’ll […]

Is tax relief due on pre-trading expenses?

You’re devoting a lot of time to getting your brand new company up and running. If it pays you for your efforts will HMRC allow it to deduct the cost of this pre-trade expense from its taxable profits? Start-up costs The amount and type of start-up costs which businesses incur vary widely, as can the […]

Capital allowances – to claim or not to claim?

Your latest business accounts show a loss which means it will have no tax to pay. Is it therefore worthwhile claiming extra tax deductions in the form of capital allowances or should you hold back until the business becomes profitable? Capital rules As you probably know, the timing of tax deductions for the cost of […]