Fabaci Financial Resources​

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  • Tax15
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Tax

Tax-efficient income from your company

There are broadly three ways to extract income from your company but none of them is singularly the most tax efficient. What factors should you be considering when deciding which one to use? Topping up your income Choosing tax and...
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Pros and cons of employing family
Tax

Pros and cons of employing family

Pros and cons of employing family. Sharing your business income with your family is good for them and can be tax efficient for you. However, you might have to justify their salaries to HMRC. What arguments can you use to...
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Laws & Regulations

Sell your shares to your spouse to save tax

Giving a share of your business to your spouse can reduce the tax bill on its profits. Alternatively, you could sell part of the business to them which can save even more tax. How’s it done? Family (tax) planning Owning...
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Accounts

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...
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Tax savings Tips
Uncategorised

Staying away the tax efficient way!

If you have to travel on business HMRC accepts the cost as a tax deductible expense. However, it argued the opposite in a high profile tribunal case. Why and what was the outcome? The taxes act Tim Healy (H), the...
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Laws & Regulations

Working from home – what’s the tax position when you sell?

You switched from working in the office to working at home a while ago. You’ve heard that this can result in a tax bill if you move home, is that the case? Do your homework Working from home is increasingly...
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Pre registration VAT
Laws & Regulations

The ins and outs of reclaiming pre-registration VAT

  The rules regarding pre-registration VAT have always been a source of confusion. HMRC’s tinkering of its own internal guidance has made matters worse. What do you need to know to ensure you reclaim all that you’re entitled to? HMRC’s...
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Tax treatment for entertainment
Laws & Regulations

What’s the right way to treat entertainment costs for tax purposes?

  Special tax rules block relief for business entertainment costs. However, the rules can be applied in different ways. What are the dos and don’ts? Business entertainment As you probably know, both income and corporation taxes rules block businesses from...
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Accounts

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...
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Laws & Regulations

What’s the personal financial risk of failing the IR35 test?

Rules effective from April 2017 and April 2021 shifted the responsibility for deciding if IR35 applies to a contract from the worker to the client, but not in all cases. Many workers must still make the decision. What might be...
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Accounts

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?...
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Tax

Claiming rent-a-room relief while you’re away

You’re about to be posted to another part of the country for an extended period. You’re going to let your home to a friend while you’re away. Will you be entitled to claim rent-a-room relief against the rent you receive?...
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Laws & Regulations

When is the right time to opt to tax a property?

The right time to opt to tax a property and whether you apply VAT to land and buildings that you own can be an important factor in your business tax planning. What are the key factors you should take into...
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Uncategorised

Winter Economy Plan

  Key points from the government winter economy plan, and how it may affect you and your business The government outlined their economic plan for the coming months; here is what this may mean to you: Grants for self-employed The...
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Accountancy

Why Should You Set up a Limited Company?

Why Should You Set up a Limited Company? And why it is better than Self-employment? Limited personal liability One of the most beneficial advantages of forming your own company is the limited liability protection. This means that if your company...
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Tax

Stamp Duty Holiday

Stamp Duty Tax Holiday, Good news for Buy-to-let landlords, first time buyers and those who are planning to buy their next home. On Wednesday 8th July 2020, the Chancellor announced a stamp duty holiday for property buyers in England and...
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Accountancy

Starting A Limited Company

[vc_row][vc_column][vc_column_text] Starting a limited company can be a very good idea if you want to start your own business and become an entrepreneur. It gives you the freedom to expand your business and take it to new heights. However, setting...
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work from home
Tax

Expenses You Can Claim As A Contractor Through Your Limited Company

As a contractor, you have the benefit of claiming business expenses. This is beneficial in the sense; you will not have to pay taxes for the amount. If you are working through your limited company as a contractor, here are...
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Laws & Regulations

The EU General Date Protection Regulation (GDPR): Is your business ready?

The GDPR comes into effect on 25 May 2018, the new regulations apply to all businesses who hold or process personal data, which will impact organisations worldwide. No matter what the size or location of your business you will need...
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Tax Implications When Selling a Property
Tax

Tax Implications When Selling a Property

Tax Implications When Selling a Property - You have finally decided that it is time to sell your buy-to-let property but unsure what the tax implication would be? Here we provide you with the tax implication that should be taken...
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