There are a number of ways a director can extract money from their limited company.
The money can usually be withdrawn in one or more of the following ways. For most directors, the optimum way to
Taking money out of a limited company
read more
blog
IHT immediately chargeable transfers
There are special rules concerning the liability to IHT on a transfer made during a person’s lifetime. Most gifts made during this period are not subject to tax at the time of the gift.
These
Charging VAT on discounts and free gifts
When VAT registered traders issue an invoice to a customer, they must seek to ensure that the correct rate of VAT is charged. Whilst most businesses in the UK charge VAT at the standard rate of 20%
Importing goods into the UK
There are special procedures for importing goods into the UK. Following the end of the Brexit transition period, the process for importing goods from the EU effectively mirrors the process for all
Holiday update
As lockdown is being eased and opportunity to holiday opens, we felt it might be useful to set out bank holiday dates for the UK regions for the rest of this year.
England and Wales –
Taxing your car
The instructions to tax your car on the GOV.UK website is reproduced below:
To tax your car, motorcycle or other vehicle you will need to use a reference number from:
a recent reminder (V11) or
Reminder to look out for tax credit renewal packs
HMRC has begun sending the annual tax credit renewal packs to some 2.5 million tax credit claimants and is encouraging recipients to renew their tax credits claim online. The packs are being sent out
Mobile phone exempt costs
When an employee incurs costs for the provision of mobile phones to employees it is important to understand the correct tax treatment of these expenses. This includes costs for phones provided to
COVID support grants that are taxable
We would like to remind readers that existing legislation is in place to ensure that COVID support grants are treated as taxable income in the same way as other taxable receipts. The grants are
CIS – types of work and businesses affected
The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry.
The CIS covers all construction work carried out in
Impact of residence and domicile
HMRC’s online guidance note for residence, domicile and the remittance basis: RDR1 is intended for UK residents and non-residents and covers the residence, domicile and remittance basis rules from 6
Spotlight – Tap Brewery
Tim is a man of few words, here is the entire website No life story, just...
Smooth Stylin’
Just a bit of fun, throwback to a classic advert if you are old enough to...
The Numbercrunchers are now Handpicked!
We can now announce that The Numbercrunchers are part of the Handpicked...
Spotlight – Bright Zebra
Passionate about helping business owners that are committed to improving...
Small Business - Smart Thinking - because YOUR ACCOUNTS MATTER
