Many people, especially spouses, agree to be a director of a company without asking any questions of their roles or responsibilities. There are many reasons why an individual running a small business decides to operate through a corporate structure. There are as many reasons why that individual asks another person to act as director. In … Continue reading Director’s Duties What You Need To Consider →

The tax office have recently stated that they are seeking to increase their enquiries into IR35. This is a piece of legislation well known to self employed contractors operating through one-man limited companies, and attempts to identify disguised employment and tax a business accordingly. As part of this new initiative, they have published a twelve … Continue reading IR35 Enquiries →

The tax office will allow you to claim a proportion of your household expenses against your taxable income if you are employed and work from home. For any expense to be deductible then it must be incurred “wholly, exclusively and necessarily in the performance of the duties of the employment”. There are two main conditions … Continue reading Claiming Household Expenses From Tax For Working From Home →

Understanding the relationship that a director/shareholder has with his/her company is critical if errors in operating the business, and unnecessary tax charges, are to be avoided. The main things to keep in mind are as follows. The company’s cash belongs to the company. Some people operating their business fail to understand that they must not … Continue reading Directors’ and Company Cash Why You Need To Be Careful →

Once again, January 31st has come and gone. This has always been a stressful time for accountants and their clients, but even more so this year. Previously, no late filing penalty would be charged if there was no tax due. However, this year was different! One major difference this year has been that anyone who … Continue reading Backdown on SA Penalties by HMRC →