What are the tax implications of drawing profit from your company?
People run businesses for a variety of reasons from passion to pride, but making a living is high up the list for most people.
How do you go about drawing profit from your business, and doing so efficiently?
Our October newsletter brings information on the dividend allowance, a change of mind on Class 2 NICs, the decline in apprenticeships and a call for inheritance tax to be abolished. We also highlight ways to withdraw profit from your business tax efficiently and how your pension savings can help finance your business in our business updates.
How has devolution affected what property tax you pay?
First-time buyers in England, Northern Ireland – and for a short time in Wales – were the biggest winners in the most recent shake-up in Autumn Budget 2017.
Philip Hammond’s headline measure was to abolish stamp duty for first-time buyers on homes worth up to £300,000, and the chancellor didn’t stop there.
How to minimise business tax in 2018/19.
If there’s one thing that keeps us awake at night it’s the thought of how many British businesses are failing to claim capital allowances to which they are entitled – worth billions of pounds across the board, according to some estimates.
Our September newsletter brings information on HMRC confirming MTD will be relaxed during the first year for VAT-registered businesses, stamp duty tax breaks saving first-time buyers £284m, inheritance tax receipts reaching a record high of £5.2bn and SMEs citing VAT as their ‘biggest administrative headache’
If you own more than one property it is very important to understand your tax position prior to selling a property to ensure you aren’t caught out by an unexpected tax bill. There are reliefs available such as Principal Private Residence (PPR) and Letting Relief. Having an understanding of how these work could influence your …
Derek Mackay delivered his Scottish Budget speech which sets out the Scottish Government spending and taxation plans which will take effect from 6 April 2018. The Scottish Government has limited powers however has taken steps to amend income tax rates and adjust Land and Buildings Transaction Tax for first time buyers. Scottish Income Tax 2018/19 …
Chancellor Philip Hammond delivered his Budget speech and amongst disagreeing with Jeremy Clarkson that electric cars and then driverless cars are the future (so Jeremy being snubbed by May and Hammond) the Chancellor aimed to deliver his vision of a prosperous, modern outlooking Britain.
If you are self-employed or a contractor working in the construction industry it is very likely you are well aware of the Construction Industry Scheme or CIS.
Under this scheme contractors deduct CIS from subcontractors and pay it to HM Revenue & Customs (HMRC) on the subcontractor’s behalf. This tax is paid in advance towards the subcontractor’s income tax and national insurance.
Many small businesses choose to use the VAT Flat Rate scheme to keep things simple. Rather than adding up the VAT you pay on all your purchases and deducting it from the VAT you collect on sales to work out how much you owe, you simply take a flat percentage of your VAT inclusive turnover …
The Chartered Institute of Taxation
The Association of Taxation Technicians
