Funds can be made available to a director by making a loan from the company to the director. Although there are tax consequences of making loans, it is possible ... Continue Reading
Business asset disposal relief (BADR, previously known as entrepreneurs’ relief) provides relief against capital gains tax on qualifying gains made by an individual ... Continue Reading
When working out the profits or losses of your business, you can deduct any allowable expenses that you incur in running your business to arrive at the profit (or ... Continue Reading
Income tax relief is available on a loan taken out to release capital in a rented property that is subsequently used to purchase another property or even to reduce ... Continue Reading
A person may decide to stop trading if they are making losses. Although the loss can be relieved in the usual way against income of the same and previous year, an ... Continue Reading
Many benefits, including childcare vouchers up to the exempt limit and mobile phones, can be provided free of tax and National Insurance. While a tax-free benefit ... Continue Reading
Many small businesses are run from home and a proportion of the costs associated with running and maintaining a home can be deducted in computing the profits of ... Continue Reading
Entitlement to the state pension and contributory benefits is contingent on having paid sufficient National Insurance contributions. Fortunately it is possible to ... Continue Reading
Most businesses incur travel expenses and these can be significant. It is therefore important that you deduct allowable travel expenses when computing your profits.The ... Continue Reading
Where there are several shareholders, for 2015/16 profits can be extracted tax-free by paying dividends to each up to the basic rate limit. Where shareholders have ... Continue Reading
