Pedal Your Way to Tax Savings: The Cycle to Work Scheme for Limited Companies

A group of cyclists pedaling down a road while taking advantage of the Cycle to Work Scheme for tax savings.

The ‘Cycle to Work’ scheme is an annual tax exemption allowing businesses to loan employees bicycles and cycle safety equipment as a tax-free benefit. The scheme has positively impacted workplace health and motivation and encouraged people to engage in physical activity. But is this scheme suitable for limited companies? Directors The ‘Cycle to Work’ tax…

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New Associated Companies Rules

A group of people standing in a cloud, following specific rules set by associated companies.

HMRC recently released new guidance on the ‘associated companies’ test for determining applicable corporation tax rates and payment deadlines. This guidance is particularly relevant to businesses with multiple associated companies and larger businesses not expecting to pay the lower rate. The reintroduction of the small profits rate has also led to changes in the thresholds…

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HMRC Chases 4,300 Influencers and Content Creators Over Tax

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To keep up with the rapid expansion of the digital economy, HMRC is chasing thousands of influencers and content creators, including gamers and retailers, for taxes that haven’t been paid on income or gifts received online. This includes people who earn money in exchange for product promotion, as well as those who are paid by…

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Can’t Repay Your Company’s Bounce Back Loan? See The Options

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The government introduced the Bounce Back Loan Scheme (BBLS) – with emergency finance of up to £50,000 without a personal guarantee* – to support eligible businesses through the Covid-19 pandemic. However, since the 12-month payment holiday ended, many companies have experienced cash flow issues, and have been unable make the monthly repayments. If this sounds…

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Tax Guide for Content Creators and Social Media Influencers

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Introduction Are you a digital entrepreneur who’s unsure about their tax responsibilities? Whether your hobby is vlogging, blogging, reviewing, or streaming, if you earn money (e.g., royalties and advertising fees) or receive gifts (e.g., products, holidays, or accommodation) from it, then HMRC could class you as having taxable income, and require you to submit a…

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300,000+ Landlords Move to Limited Companies to Reduce Tax

Over 300,000 landlords have purchased properties in limited companies to reduce tax and tackle rising interest rates. This number has doubled since the introduction of Section 24 in 2017, and with the environment becoming more uncertain, more than 50,000 companies have been set up in the last year alone – with 2022 set to be…

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Can I Reduce Limited Company Tax with My Spouse?

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Company owners can make big tax savings by transferring shares to their spouse or civil partner. The good news? There’s no Capital Gains Tax on gifts between married couples – however, careful planning is required for the diversion of income to be tax-effective. If you are a cohabiting couple, and not married or civil partnered,…

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Work from Home Expenses for Limited Company Directors

Working from home appeals to many, and the number of people doing so has grown significantly since the pandemic. As a company director, you need to decide if this works for you – read on to find out more about the expenses you can claim, as well as the tax implications. What Can My Limited…

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