07 - December 2019Landlords – you must file your self-assessment tax return by 31 January 2020 to avoid a late filing penalty. Here’s what you need to know:
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The self-assessment deadline is looming. Self-assessment tax returns for the year to 5 April 2019 must be filed online by 31 January 2020 if a late filing penalty is to be avoided. Landlords will need to complete the property income pages. Particular care should be taken where the landlord has a loan or a mortgage […]
18 - November 2019As business owners we all want to make sure our company is a great place to work. Have you considered giving your employees or even their family members educational scholarships?
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Partnership rather than a limited company. We explain why in today’s blog. Employer-funded scholarships Special tax rules apply to scholarships, which include exhibitions, bursaries or other similar education endowments. Provided certain conditions are met, there will be no tax or reporting implications where an employer funds a ‘fortuitous’ scholarship for an employee’s family member. Broadly, […]
17 - November 2019In many cases, an LLP is likely to be more attractive to those who would have formed a partnership rather than a limited company. We explain why in today’s blog.
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Weighing up LLPs A limited liability partnership (LLP) is similar to an ordinary partnership in that a number of people or limited companies join together and share the costs, risks, and responsibilities of the business. They also take a share of the profits and pay income tax and NICs on their share of the partnership […]
16 - November 2019Generally, tax relief is available, but the rules are different if you’re a small business using the cash basis…
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Tax relief on business-related loans Subject to certain conditions and restrictions, tax relief will generally be available for interest paid on loans to, or overdrafts of, a business in the form of a deductible expense. Different rules for loan interest relief apply to smaller businesses using HMRC’s cash basis for income tax purposes (see below). […]
15 - November 2019Be careful when borrowing money from your company as a director – you might fall foul of the ‘bed and breakfasting’ scenario
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Directors’ loans – Beware of ‘bed and breakfasting’ It can make sense financially for directors of personal and family companies to borrow money from the company rather than from a commercial lender. Depending on when in the financial year the loan is taken out, it is possible to borrow up to £10,000 for up to […]