Will I pay less tax if I held my let properties through a company?
Not if you need the cash and your highest tax rate is 40%. If you hold the properties personally, and pay tax at 40%, for every £100 of rental profits you will receive £60 in your hands. If the properties … Continue reading
Closing down your Company – Important deadline 1 March 2012
If you are in the process of closing down your company, or are thinking of doing so, you need to know about the change in the tax law from 1 March 2012. If your company has more than £25,000 in cash … Continue reading
Apply for a tax dispensation?
A recent report claims that PAYE dispensations are vastly under-used. These informal agreements with the Taxman can be big time savers for employers. But when is the right time to apply for one? Essentially, a PAYE dispensation is permission from … Continue reading
Business Record Checks Update
HMRC believe that a lot of businesses do not pay the right amount of tax because they don’t accurately record their business income and expenditure. In other words their business records are not of a high enough standard to produce … Continue reading
Should I take a salary?
When a company is starting out it needs all the money it can get and if you’re one of the owners you might be dipping into your own resources to fund the business. So the idea of taking a salary … Continue reading
National Minimum Wage Increases
Changes to national minimum wage rates will take effect from October 1 2011: The adult (aged 21 and over) minimum wage rate will increase from £5.93 to £6.08 an hour The Youth Development Rate (18-20 year olds) will rise from … Continue reading
New employers’ pensions regulations
Another set of regulations is set to fall on the shoulders of all employers. This time it’s a compulsory pension scheme for all employees. This new pensions law is due to be introduced over four years from October 2012. The … Continue reading
New advisory fuel rates for company cars from 1 September 2011
HMRC have published new advisory fuel rates for company cars, which will take effect from 1 September 2011. These rates apply to all journeys on or after 1 September 2011 until further notice. For one month from the date of … Continue reading
Are H M Revenue & Customs becoming more aggressive in seeking to increase revenue?
Following on from the election and the subsequent budgets, the initial attention centered on the Governments proposed spending cuts and its implications on our every day lives. The focus now seems to be just as much on the other side … Continue reading
Capital allowances for holiday lets
Do you own a property that qualifies as a furnished holiday let (FHL)? To qualify the property has to be commercially let for short periods for at least 70 days per year, although this minimum will increase to 105 days … Continue reading
