Business Tax
When can ADR be used to resolve a tax dispute?
Changes to HMRC’s alternative dispute resolution (ADR) procedure in recent years have made it more accessible. If you’ve reached an impasse in a dispute with HMRC, might ADR be the solution?
Trade personal assets for tax-free cash from your business
You need some quick cash. You could take it as extra income from your company, alternatively it could lend it to you. The trouble is this can result in tax or NI bills for you and your business. How can you extract the cash more efficiently?
Reduce tax on your shared company car
If you and your spouse or partner work for the same business and you share a company car, you might be paying too much tax. Why, and how can you reduce it?
Boost cash flow with a CT refund?
Your company made a loss in its last financial year and is badly in need of an injection of cash. How can you turn the loss into a corporation tax refund, and what steps can you take to obtain this at the earliest possible date?
Directors’ remuneration - avoiding HMRC penalties
The timing of HMRC payroll reporting for employees is straightforward. However, for directors’ salaries etc. special rules can mean you need to send a report to HMRC sooner than you might think. What are the trigger points for reporting?
Company loan v company credit card
As a director shareholder, borrowing cash from your company can trigger tax charges for both you and it. To avoid these a colleague has suggested that it’s more tax efficient to obtain a company credit card and use that instead. Is she correct?
Save tax with pedal power
With summer on the way some of your workers have asked whether you would consider starting a cycle-to-work scheme. Is there a simple way to set one up?
Disincorporation - is it worth it?
Your business has suffered a dip in the last couple of years and you’re looking to downsize. As part of the process you want to close your company and operate as a sole trader instead. What are the tax consequences?
Are you ready for the next payroll deadline?
With the PAYE end of year procedure safely negotiated your next payroll task is preparation of the various employee-related reports required by 6 July. What steps must you take to avoid trouble with HMRC?
Invoice factoring: how do you account for VAT?
Invoice (debt) factoring is a service that businesses with cash-flow problems might consider. Broadly, it means obtaining finance secured against the value of unpaid invoices. What does this involve in practice, and does it create a VAT headache?
Tax deductions for health and safety costs
The Health and Safety Executive has sent you a bill for so-called intervention fees. Are you entitled to claim a tax deduction for these?
Back-door company loans - is there a problem?
You’re starting a new business in partnership with a colleague. If your existing business, which operates through a company, provides start-up cash in the form of a loan, are there tax consequences?