17 - November 2019
In 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 2019
Generally, tax relief is available, but the rules are different if you’re a small business using the cash basis…
Posted by : Pro-Taxman
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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 2019
Be 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 […]
14 - November 2019
With holiday season in full swing, we explain the strict scenarios where you can deduct for business entertaining and gifts in calculating taxable profits.
Posted by : Pro-Taxman
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Can we deduct entertaining expenses? The tax rules on the deductibility of entertaining expenses are harsh and often misunderstood – the fact that the expenditure is incurred for businesses purposes does not make it deductible. Subject to certain limited exceptions, no deduction is allowed for business entertaining and gifts in calculating taxable profits. What counts […]
13 - November 2019
From 6 April 2020, the way in which carbon dioxide emissions for cars are measured is changing – read more here.
Posted by : Pro-Taxman
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Zero charge for zero emission cars From 6 April 2020, the way in which carbon dioxide emissions for cars are measured is changing – moving from the New European Driving Cycle (NEDC) (used for cars registered prior to 6 April 2020) to the Worldwide Light Testing Procedure (WLTP) for cars registered on or after 6 […]