Navigating the complexities of directors’ loan accounts can be challenging, particularly when it comes to tax implications and maintaining accurate records. This guide aims to provide a clear and concise explanation of directors’ loan accounts, including their tax consequences, disclosure requirements, and strategies for managing them effectively…. Continue Reading
In micro businesses, shareholders and directors are often the same people. Shareholders own the company through shareholding and appoint directors to manage the company. A salary is paid to directors for their duties, and dividends are paid to shareholders from post-tax distributed profits. … Continue Reading
On 15th March 2023, Chancellor Jeremy Hunt presented his first budget to the Parliament. The budget aims to boost the UK economy by easing the cost of living crisis and reducing inflation rates. The following sections provide a summary of the key points affecting individuals and businesses…. Continue Reading
As a landlord, understanding the ins and outs of National Insurance (NI) contributions can be crucial to your financial planning. If you have a property business, paying voluntary Class 2 NICs can help build entitlement to the state pension and other state benefits, and provide peace of mind for your future…. Continue Reading
As a business owner, it is important to carry out an annual review of your company’s tax position due to ever-changing tax legislation and commercial factors. Pre-year-end tax planning is crucial as it allows for enough time to carry out any necessary actions. In this guide, we outline some areas where advance planning can produce tax savings…. Continue Reading
The UK government’s budget announcement in November 2022 surprised many when it did not change the tax relief on personal pension contributions. This is a good time for individuals to consider making personal pension contributions to take advantage of the current generous reliefs…. Continue Reading
Electric vehicles (EVs) are becoming increasingly popular as concerns about climate change grow. With more than 660,000 battery-electric vehicles (BEVs) in the UK as of December 2022 and a market share of 32.9% of all new car registrations, it is clear that EVs are here to stay. However, as with any technology, there are pros and cons to consider before investing in an EV…. Continue Reading
We have received several inquiries regarding how clients can register as self-employed (sole traders) with HMRC. We trust that the following guide will be helpful…. Continue Reading
The start of a new tax year is a critical time for individuals and businesses to be aware of tax changes that will come into effect from April 2023. Being informed and prepared can help you manage your finances more effectively.
In this post, we summarize the key changes that businesses should be aware of and provide some tips to help you reduce the impact of tax increases…. Continue Reading
As a small business owner, managing cash flow is crucial to the success of your business. In fact, according to a recent study, cash flow problems are one of the most common reasons why small businesses fail…. Continue Reading
