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Disincorporation relief close to extinction

Pecuniary liability

OTS warning over neglecting relief

Disincorporation relief was introduced as a temporary measure from 1st April 2013 following recommendations by the Office of Tax Simplification (OTS) to remove the tax barriers when the owners of small companies want to transfer the business to a sole trader or partnership.

The relief allows transfers of land and goodwill to be made at cost or written down…

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Get the shareholding details right

business expenses

Confusion as to who owns shares will prove costly

When establishing a company, it is important to identify who owns the shares and get the correct paperwork put in place. Failure to do so can result in an unexpected tax bill and worse, as proved to be the case in the First Tier Tax Tribunal case of Terence Raine v HMRC (2016).

Mr Raine, a 69-year…

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Are Dividends Still Tax Efficient?

Pecuniary liability

Dividends – taxed differently from 6 April 2016

For many years owners of SMEs have sought to reap the rewards of their labour by extracting profits from their companies in the most tax efficient manner, ie low salary: high dividends. This has been long standing, straightforward and acceptable tax planning for many years and makes perfect sense. The 2015 summer Budget however announced significant changes in the way…

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Autumn Statement

Autumn Statement

How the VAT Flat Rate Scheme changes will affect you

In a week when Prime Minister Theresa May spoke at the CBI conference reassuring UK business of the government’s “unashamedly pro-business” agenda, it was Chancellor Philip Hammond’s turn to deliver his much-awaited first major financial statement on 23 November.

We examine the key points and the impact on contractors.

VAT Flat Rate Scheme Changes

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What is a Director’s Loan?

A Director ‘s Loan is when you take money from your Company that isn’t a salary, dividend or expense repayment and you’ve taken more than you’ve put in.

You must keep a record of any money you borrow from or pay into the Company and this record is usually known as a “director’s loan account”.  Amounts due to the director from the company should be recorded in the…

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