An overdrawn director’s loan account is created when a director (or other close family members) ‘borrows’ money from their company. Many companies, particularly ‘close’ private companies, pay for personal expenses of directors using company funds.
HMRC has confirmed that they will no longer accept payments with a personal credit card from 13 January 2018. This includes payments for income tax, PAYE, VAT and many other taxes. This is due to the implementation of the EU second Payment Services
There are a number of scenarios where HMRC would consider a company or organisation to be inactive for Corporation Tax (CT) purposes. This is a different categorisation to a ‘dormant’ company and usually happens when a company has not commenced
HMRC offers an online service to check your National Insurance record online. In order to use the service, you will need to have a Government Gateway account. If you don’t have an account, you can apply to set one up online.
By signing in to the
When you employ someone to work in your home, it is your responsibility to meet their employee’s rights and deduct the correct amount of tax from their salary. This can include domestic staff such as a nanny, housekeeper, gardener or carer. The rules
Capital allowances is the term used to describe the tax relief businesses can claim on certain capital expenditure and thereby reduce the amount of their taxable profits. Most ‘capital’ items, such as equipment, vehicles, machinery etc, last for a
As a general rule, inheritance tax (IHT) is collected from a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. There is normally no tax to be paid if the value of the estate is below the IHT
When a couple is separating or divorced it is unlikely that they are thinking about the tax implications. However, as the dust begins to settle it is important that the tax consequences of the break-up are given proper consideration.
Whilst income
Income Tax is generally payable on taxable income received by individuals in the UK, including earnings from employment, earnings from self-employment, pensions income, interest on most savings, dividend income, rental income and trust
The VAT Flat Rate scheme (FRS) has been designed to simplify the way a business accounts for VAT, and in so doing, reduces the administration costs of complying with the VAT legislation.
Using the FRS, you simply pay VAT as a fixed percentage of
The government’s move to restrict the tax relief landlords receive on finance charges started to take effect from April this year. This is the first year that finance charges are being restricted. The tax relief on mortgage costs used to buy
One of the less well-known ways of paying your self-assessment tax bill is to do so through your tax code.
This can only be done where all the following apply:
you owe a self-assessment balancing payment of less than £3,000;
you are an employee
