Termination payments and Class 1A National Insurance As the Coronavirus Job Retention Scheme comes to an end, employers with employees who are still on furlough will need to decide whether […]

Claim tax relief for additional costs of working from home During the Covid-19 pandemic, the advice was ‘work from home if you can’. As a result, millions of employees found […]

Take dividends while you can For personal and family companies, a tax efficient strategy for extracting profits is to take a small salary and to extract any further funds needed […]

Loans to participators Where a close company (or LLP) makes a loan (otherwise than in the ordinary course of a business) to an individual who is a participator or an […]

Tax consequences of ‘illegal’ dividends Dividends can only be declared out of a company’s available undistributed profits, and if the payments are to be legal then the correct administrative procedures […]

What happens if your business is ‘chosen’ for an HMRC enquiry? HMRC has the power to enquire into any return and request any information to establish whether that return is […]

Obtain relief for pre-letting expenses When starting a new property rental period there will usually be a preparatory phase during which expenses will be incurred. To what extent is relief […]

Dividend waivers Dividends are paid at the same rate for each category of share according to the number of shares held. However, such inflexibility could mean the distribution of profits […]

Expenses and benefit returns for 2020/21 Expenses and benefits returns P11D and P11D(b) for 2020/21 need to be filed by 6 July 2021. Meeting this deadline is important as penalties […]

Furnished holiday lettings Furnished holiday lettings offer a number of tax advantages over longer lets. One of the key benefits is the availability of capital gains tax reliefs available to […]

Amend your PSA for Covid-19 related benefits A PAYE Settlement Agreement (PSA) enables an employer to meet the tax on certain benefits and expenses on the employee’s behalf. This can […]

No retained profits – Can you extract cash to cover your living expenses? If you operate through a limited company, for example as a personal or family company, you will […]