In a private limited company, it is usual for a director to also be a shareholder. Payments made to shareholders are deemed to be income distributions and taxed accordingly. However, payments made to shareholders where the company is being liquidated can be taxed as capital distributions under the Capital Gains Tax (CGT) rules being a […]
Are you associated with the business world and maintain the selling and purchasing of your products and services? You must have heard of the trade debtors’ control account so far. This refers to a sales ledger control account and serves the same cause. A major and prominent part of the balance sheet covers this part
A Basic Guide About Sales Ledger Control Account! Read More »
Have you ever heard about the funds that are possibly being transferred through electronic media? It is quite possible if you are residing in the UK, you can transfer payments from one UK bank account to another bank. Bacs payment is your go-to solution in this regard that ensures bank-to-bank transfer and is commonly used
What is Bankers’ Automated Clearing Services (Bacs) Payments? The Complete Guide Read More »
Do you look for someone ready to protect the rights of employees, especially during the times when the company decides to enter into administration? TUPE regulations are just the right fix for this cause that can serve employees and their rights. Do you wonder ‘what does TUPE mean’ to be exact? These consequences happen when
Understanding TUPE for Employees when a Company Enters Administration! Read More »
Legislation surrounding ‘Trivial Benefits’ was introduced to save employers from having to report relatively small amounts given to employees as taxable on a form P11D. Under the rules there are no tax or NIC consequences for the employee receiving the benefit of the gift: costs less than £50 (HMRC consider this amount to be the
‘Trivial Benefits’ – PAYE Read More »
You are most likely to get CCJ which is county court judgment if an individual seeks court help against you and legal actions are taken. The reason behind such an action is a delay in payment that you might owe them. In the case, you find yourself in a situation that depicts that you are
What Is CCJ and How Does it Affect the Company and Its Directors? Read More »
It has been observed that the landlords are not quite attracted to rent out their properties to DSS tenants (Department of Social Services). These are the tenants who enjoy housing benefits. Are you wondering what is DSS to be exact by now? DSS is the abbreviation for Department of Social Services. The landlords should have
DSS Tenant – A Landlord’s Guide About Housing Benefit! Read More »
Sometimes there is a choice of which tax to pay and where a person owns an investment property, they may be able to exercise a degree of choice whether they take a capital gains tax hit or their beneficiaries pay inheritance tax. However, there is something of a gamble here – while capital gains tax
When a company has built up enough debt that it becomes challenging to pay off all the debts. The director of a company is left with no option except the liquidation of all the assets of a company or the Creditors Voluntary Liquidation. However, the liquidation process itself is challenging in many ways. If you
What is a Creditors Voluntary Liquidation (CVL) and How Does The Process Work? Read More »
Product liability insurance can save a business from unexpected costs, legal fees and penalties. As a general life insurance or health insurance compensates the loss with financial relief, the product liability insurance provides compensation to a company when its good causes harm to the customer due to a defective good or to the property of
What is Product Liability Insurance? Read More »
