The long-standing question of whether to take income as a salary, dividends, or a mix of both has become more complex with recent tax changes introduced for the 2025–26 financial year. The changes announced in the Autumn Budget has now changed the mix a bit. So, what’s the best way to pay yourself as a […]
Category Archives: Corporation Tax
Corporation Tax, Employee Benefits, P11d, Tax Planning, Tax Tips, Uncategorized
Leasing v. Hire Purchase
28
May
May
Many businesses use vehicles, and as you begin to explore your options, two terms frequently arise: leasing and hire purchase. While they may sound similar, there are key differences between them, particularly regarding ownership, costs, and flexibility. So let’s explore the question Lease v. Hire Purchase. Leasing Leasing a car is similar to renting, but […]
30
Apr
Apr
Directors loan account, what is it? A director’s loan account (DLA) records transactions between the director and the company. It is a record of either money lent to the company or borrowed from the company. The tax treatment of these transactions depends on whether you have lent money to the company or are borrowing from […]
Corporation Tax, HM Revenue & Customs, Landlords, partnerships, VAT Compliance
HMRC plans to increase the number of tax investigations
26
Feb
Feb
While she was the shadow chancellor, Rachel Reeves announced a policy to invest more in tax compliance, with an investment of approximately £555 million. This funding was to ensure that HM Revenue and Customs (HMRC) had the resources to recruit more inspectors. Fast forward to the Autumn Budget, Ms Reeves unveiled further details. The Labour […]
Accounting Tips, Corporation Tax, HM Revenue & Customs, Tax Tips
New Rules for Corporation Tax and Associated Companies
21
Aug
Aug
If you are an owner and/or director of a limited company, you may have noticed your accountant asking more questions regarding your other business interests. This is due to some changes in corporate tax legislation. In this blog we aim to set out the new rules and why they are important. What are “Associated Companies”? […]
05
Jun
Jun
Setting up a business is both exciting and worrying. There’s so much to do and the topic of tax deductible expenses for business might not even be on the radar! However, no doubt you want to optimise your tax position whilst making sure you stay on the right side of HM Revenue and Customs (HMRC). […]
13
Mar
Mar
This time of the year as we approach the end of the tax year we look at all the steps you need to take to make sure you are taking advantage of the tax savings measures available to you. We will consider the different measures and help you plan for the tax year-end. Although overall, […]
Capital Allowances, Corporation Tax, Tax Tips, Uncategorized
Ways to reduce your corporation tax bill
28
Feb
Feb
With the corporation tax rate rising from 19% to 25%, business owners have started to face higher corporation tax bills from 1 April 2023. So, what are the ways to reduce your corporation tax bill? If you are running a profitable business, you may be wondering if you’re taking advantage of all the tax efficiencies […]
01
Nov
Nov
A couple of years ago we were discussing if contracting was dead in the water. The introduction of IR35 reforms in April 2017 and April 2021 had raised questions. The issue of IR35 so to speak. These reforms transferred the responsibility of determining IR35 status from contractors to clients, causing a significant compliance burden. It […]
04
Oct
Oct
As accountants, we have become accustomed to seeing situations where our clients combine their business and personal expenses. Our role is often (especially when we are doing the bookkeeping) to sift through these expenses and explain the duality of purpose to our clients. So, what is duality of purpose? Simply explained duality of purpose is […]
- 1
- 2