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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 …

Pros and cons of employing family

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 …

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 …

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 …

Tax savings Tips

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 …

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 …

Pre registration VAT

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 …

Tax treatment for entertainment

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 …

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 …

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. …