This blog covers what a Director’s loan account is and its tax implications.
A limited company is a separate legal entity from its owners. That is; a company is a person in its own right in the eyes of the law.
There are two main ways for directors to extract profits from a company:-… Continue Reading
We are pleased with the final version of our digital brochure. Here it is:
We are often asked to advise on the what should be disclosed in a personal tax return. We hope our blog helps.
Accidentally omitting information from your tax return can result in your tax and National Insurance bills being miscalculated, or you could wind up receiving the wrong level of benefits, such as child tax credits. Errors can even trigger an enquiry from the Revenue, who may levy financial penalties for filing an inaccurate return. … Continue Reading
Here is our concise guide to being a sub-contractor.
What is a sub-contractor?
If your business (whether a sole-trader, partnership or limited company) provides labour in construction projects to other businesses, your business will become a “sub-contractor.” This means your customer, known as the contractor, is obliged to deduct 20% tax from labour payments made to you. The contractor pays this tax to the Revenue on your behalf. The system is referred to as the “construction industry scheme” or CIS for short.
There are significant changes to the VAT treatment when supplying digital services within the EU. These changes apply even if you are not VAT registered. You are now required to register for VAT if you provide digital services to non-businesses in other EU countries.
What are digital services?
“Digital services” is a broad term that primarily involves the provision of services transmitted by technology. The Revenue provides the following examples, which is not an exhaustive list:-… Continue Reading
I was pleased to see our 3 brochure options. They all look excellent.
The brochure will be availabe in a digital format and a small quantity of paper versions will be produced as well.
It is difficult to decide between them. Here are the links to the options…. Continue Reading
We are pleased to provide a brief introduction to Auto-Enrolment for employers.
All firms must offer their employees a pension (regardless of how few people the organisation employs) and preparation for offering pensions can take months, even a whole year. There are heavy penalties for not complying with the rules.
There is a fixed penalty of £400 and a maximum penalty of £50 per day: this can add up to huge amounts. So to ensure compliance and avoid penalties, what do you need to know?… Continue Reading
As a new tax year kicks off, make it your new (tax) year’s resolution to get your payroll system on top form. Further, it is important that you are are up to date with the changes in employer payroll taxes.
Not only are there important changes to payroll, there are optional allowances and provisions that could well benefit your business and employees.
Personal Allowances
The most basic change is the increase of the standard personal allowance to £10,600 as from 6th April 2015. Most of your staff will probably be on the tax code 1060L. … Continue Reading
If you run your own business, you are probably familiar with how profits from your trade are taxed. However, you (or your company) may sell an asset such as a building or shares.
There are differences between how capital gains and losses are treated in a limited company compared to if you are self-employed, either as a sole-trader or in a partnership. In all types of businesses, selling assets are treated separately on the business’s tax return. The loss or profit from such transactions are known as “capital losses” or “capital gains” and for self-employed, these gains are subject to “capital gains tax”. For limited companies, such gains are called “chargeable gains” which forms part of corporation tax. It is important to remember that tax might be payable even if you give an asset away…. Continue Reading
