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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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PAYE

business expenses

When paying PAYE earlier might be beneficial

There are special rules that determine when an employee is deemed to be paid for tax purposes. Basically, the legislation seeks to ensure that PAYE is applied as soon as is reasonably possible.  Or, according to HMRC, as soon as the employee is able to benefit from their salary.

The rules

The rules for general earnings, e.g a…

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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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