Directors’ loans – dodging a tax trap

Several years ago you injected your own cash into your company, but now you need some back. Your accountant says that where your company repays part of what it owes you it can trigger a tax charge. Why, and how can it be avoided? Company loans HMRC has always disliked director shareholders using their companies as a personal moneybox ,... [FIND OUT MORE »]

Good reasons to pay yourself a salary in 2015/16

The new tax year starts on 6 April 2015 and with it comes a rise in personal tax-free allowances and NI limits. How do these and other factors affect the level of salary you should take from your company? Company salary If you’re a major shareholder of a private company it’s usually a good idea to take a salary from... [FIND OUT MORE »]

R&D tax deductions for capital costs

SMEs can claim enhanced tax relief for research and development (R&D) costs. The bad news is that this doesn’t apply to the equipment used for the project. However, you can make use of a different tax break. What is it? Tax relief Research and development (R&D) tax breaks for SMEs which develop new technology (anything from scaffolding systems to software)... [FIND OUT MORE »]

It’s P11D time!

HMRC has released its 2014/15 benefits and expenses Form P11D plus updated guidance to go with it. Is there anything new to watch out for? P11D deadline.  It’s that time of year when you need to turn your attention to preparing the dreaded Forms P11D . A form is needed for each director and employee who earned £8,500 or more... [FIND OUT MORE »]