Find out about the Government’s new “Fix Your Bike” initiative, which aims to get the country cycling! What is it? The Government is handing out thousands of £50 vouchers for people to get their bikes fixed. The hope is that this will boost the retail sector and get cash flowing again, as well as improving… Read more »
Posts Tagged: friday tax
Coronavirus Business Interruption Loan Scheme
The scheme is now open for applications. All major banks are offering this scheme. The scheme is delivered through commercial lenders, backed by the Government-owned British Business Bank. The CBILS guarantee is to the lender and not the business. Under this scheme, the Government provides the Lender a guarantee for 80% of the loan. As… Read more »
Big Change with Capital Gains
From 6th April 2020 there are three changes that will affect Capital Gains Tax. Currently you file your Capital Gains Tax in your Tax Return. This means you have until the 31st January to declare it. However, from the 6th April 2020 you will have 30 days following the sale to submit your provisional… Read more »
VAT credit note
New rules for credit notes came into effect in September 2019. Find out more about VAT credit notes and how they affect you. You are more likely to reduce the price of goods than increase them, for example if the goods are faulty. Credit notes can reduce the VAT accounted for on the original invoice…. Read more »
A Christmas gift from the VAT man
The corporation tax rules for clients gifts are well known, but what about the VAT rules? The corporation tax rules for entertaining clients or giving them gifts say that the gifts have to: Advertise to the public (i.e. a free sample) or Cost under £50 and include an advert for the company. … Read more »
Reduce the cost of borrowing from your company
A director can borrow £10,000 from their company interest free. However, there are strict anti-avoidance rules which mean that the company has to pay. As the director shareholder of a company the net value of assets belongs to you, however, in law the company is a separate person. This means when you take… Read more »
Tax relief on personally owned equipment
If you have a personally owned asset which you sometimes use for business, are you entitled to a tax deduction? HMRC has a “wholly, exclusively, and necessarily” rule, which means you can’t get tax relief for expenses if there is any non-business use. However, this rule doesn’t apply in the same way to… Read more »
Long-term tax planning for children and shares
Your children might be too young to take over the family company, but can you reduce tax by giving your children shares now? Parents try to mitigate their tax bills by diverting income to their children that are under 18. These schemes fail because of HMRC’s anti-avoidance rules called settlements legislation. These make… Read more »
Don’t forget about Investors’ Relief
Investors should always remember Investors’ Relief. It may have some restrictions, but it can be helpful when things like Entrepreneurs Relief doesn’t apply. The Investors’ Relief is similar to Entrepreneurs’ Relief, however, there are some important differences, they are: Unlike Entrepreneurs’ Relief, the investor can’t be an officer or employee of the company, There… Read more »
Directors’s Loans and the importance of proper paper work !
As a director who is borrowing money from your company, it is imperative that you fully understanding how to treat the interest charged on the loans. Loaning money from the company can be a useful bonus, but there are two tax charges which can apply when you lend money to a director (if they… Read more »