Can you borrow money from your limited company?
The simple answer is yes you can borrow money from your limited company, but there are tax consequences so it’s important you understand what you are doing. From time to time directors of a company may wish to…
Is the Christmas party tax allowable?
It may only be October, but many of us will have already booked our work Christmas parties and functions to celebrate. But what are the costs to your business of the Christmas party and what is tax allowable…
Can my limited company contribute to my pension scheme?
If you are director/shareholder of your own limited company, then yes, the company can make contributions to your private pension scheme, and this will be an allowable expense to deduct from profits before the calculation of corporation tax.…
Claiming expenses – the ‘wholly and exclusively’ concept
We are often asked by our clients what expenses are allowable and which are not for tax purposes. Unfortunately, there is no comprehensive or definitive list of what is or what isn’t claimable as each business is different,…
‘Trivial Benefits’ – tax free benefits you can give your employees
We are often asked what benefits a company owner can award themselves and staff, and what the tax implications of those benefits are. Most benefits will be taxable, and have to be included on a P11D form, with…
Do you have to pay tax on your redundancy pay?
The simple answer is no, redundancy pay is tax free up to £30,000. This is because it is not considered income but rather compensation for loss of position, therefore not subject to income tax. Anything over the £30k limit…
How to improve your business cash flow
When inflation rises and businesses are faced with increasing costs, cash flow can become a problem. There is more going out than coming in – but that cannot carry on forever. Most businesses that go bust do so…
Do I have to pay tax on my crypto gains?
Cryptocurrency, particularly Bitcoin, have risen in prominence over the last few years – with companies like Telsa accepting them as payment and countries like China banning them outright. Their value has risen, fallen and risen again, but investors…
Where can I find my company tax information?
If you do not already have one, you should set up an online HMRC account for your company so that you can see all your tax information in one place. Be aware that your accountant may have already done this…
Information to keep for your personal tax return
The 2023/24 tax year ended on 5th April 2024, for which many of us will need to produce and file a personal tax return . To make things easier, here is our list of the information you need…