There is a whole raft of legislation that seeks to penalise directors and shareholders if they borrow money from their company. These regulations include possible benefit in kind charges for the director/shareholder, and additional corporation tax payments of 32.5% for the company. In effect, the…
Month: October 2017
Bookkeeping in the cloud
Smaller business owners, those with annual turnover below the current VAT registration threshold (£85,000 for 2017-18), will be relieved to know that the impending digitisation of tax by HMRC will not be a requirement when the process starts for business tax from April 2019. You…
Avoid property fraud
Since September 2009, HM Land Registry has prevented 254 fraudulent applications being registered. The most common fraud is when someone pretends to be you and mortgages or even sells your property without your knowledge. A simple and cost-effective way to counter this activity is to…
Under 18s and tax
Children (under 18s) can earn up to £11,500 in the current tax year and pay no income tax. This is the maximum that can be earned during 2017-18 and will include earnings from all sources subject to income tax. The most common are: Income from…