What taxes do landlords have to pay in the UK? By being well informed about their tax obligations, landlords can minimise their tax liability, maximise their profits, and ensure compliance with HMRC regulations. Reach out to one of our professionals to get to know about what taxes do landlords have to pay in the […]
What Taxes Do Landlords have to Pay in the UK? Read More »
Chris Thorpe looks at some considerations when extracting profits out of limited companies. Once a sole trader or partnership has incorporated, the owner or partners can no longer help themselves to the business’s profits at will; such individuals were previously subject to income tax and National Insurance contributions (NICs) based on those profits, irrespective of
Making a Withdrawal! Company Profits Read More »
Ken Moody highlights some confusion over what exactly are ‘distributions in specie’ and outlines some important tax implications. I was asked a question recently about a transfer of shares between a 60% subsidiary to its holding company and whether this would be better structured as a dividend in specie or a distribution in specie. I
What’s in a Name? Distributions in Specie Read More »
Richard Curtis suggests possible alternatives to salary and dividends. Many in business will trade through the medium of a limited company and the directors will generally be remunerated by the payment of dividends or salary. The former are taxed on the recipient and must be paid out of profits subject to corporation tax, while the
Not the Usual Suspects! Read More »
As well as providing their employees with a salary, many employers wish to offer other benefits-in-kind (BIKs) as a means of further incentivisation or simply out of care for one’s workers. That benevolence may be a little more affordable if an employee was able to make a contribution by having the cost deducted from their
The Salary Sacrifice ‘Trap’ Read More »
Being a separate legal entity, the money within a company’s bank account belongs to that company, not the owners or directors. Tempting though it is for a business owner to help themselves to the company’s profits, they cannot do so unless it is declared as a dividend or paid as a salary or pension. There
Writing Off a Director’s Loan Read More »
Are you wondering about the facts about higher taxes in the UK? The truth is that they are often implemented to fund public services, support welfare programs, and reduce income inequality. This might sound higher than other countries but it is to ensure a safe economy for the residents. These taxes play a crucial role
Are Taxes Higher in the UK? – A Basic Guide Read More »
Under English law, there are two ways in which property can be owned jointly – as joint tenants or as tenants in common. The way in which a joint property is owned can have tax implications. Joint Tenants Where a property is owned by two or more people as joint tenants, they collectively own
Jointly-Owned Property – Joint Tenants Vs Tenants in Common Read More »
On 15 March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and set out a plan to reduce inflation, grow the economy and get government debt falling all whilst avoiding a recession and tackling labour shortages. Below we set out some of the main points. Cost Of Living Support Energy Costs The
Tax E-News – Budget Special Read More »
You all aim to pursue the dream to reduce your tax bills. For this purpose, there are several smart ways that can really help with getting tax relief in the UK. Regardless of whether you carrying the activities of small or large businesses or are associated with self-employment, this can be a useful read to
How to Reduce Your Tax Bills? Read More »
