DIRECTORS LOAN Provided a director sticks to the rules they may borrow money interest free from their limited company. This action may generate tax bills for both director and company, provided it is executed properly, this can be avoided, how useful. When a director borrows from their company, there are two potential tax charges. A … Continue reading Take advantage of tax free loans from your company →

SINCE 1 April 2016 you must register for VAT if your non-exempt turnover in the previous twelve months exceeds £83,000. However, you’ll usually be better off by registering even where turnover is less than that. The de-registration limit has been increased from £80,000 to £81,000. Where non-exempt business turnover exceeds the registration limit the business … Continue reading VAT – Registration limits are to be raised →

The changes to personal tax rates are so convoluted that people drafting the Finance Bill felt it necessary to include this table to summarise them: Rates payable on: Type of taxpayer: Savings income Most dividend income Other income UK resident who is neither Scottish nor Welsh taxpayer  Savings rates Dividend rates Main rates Scottish taxpayer … Continue reading This simple chart will help you with the changes to personal tax rates →

Once again an HMRC spokesperson has labelled claims it was taking a harder line on penalties to raise revenue as “nonsense” and a “routine refrain about everything we do. It has nothing to do with raising revenue.” However, actions speak louder than words, and HMRC’s actions certainly indicate that their words should not be relied upon … Continue reading HMRC deny imposing harsh penalties to raise money →