Posts Tagged ‘limited company’
HMRC letters to company directors on undeclared dividend income
HMRC is contacting Company directors suspected of receiving dividends without declaring the income on their Self-Assessment Tax Returns Business owners have been receiving letters from HMRC as part of a recent campaign. These letters notify them about the potential requirement to declare dividend income. HMRC has been conducting investigations on company reserves, specifically targeting those…
Read MoreCompany Tax Return Essentials: CT600 and Corporation Tax
Introduction Welcome to our introduction to Company Tax Returns, CT600, and Corporation Tax. This article is designed to be a valuable resource for business owners, financial professionals, and anyone involved in managing a company’s financial obligations. Understanding the complexities of tax compliance can be challenging, but it is crucial for the successful operation of your…
Read MorePedal Your Way to Tax Savings: The Cycle to Work Scheme for Limited Companies
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…
Read MoreNew Associated Companies Rules
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…
Read MoreCan’t Repay Your Company’s Bounce Back Loan? See The Options
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…
Read More300,000+ 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…
Read MoreCan I Reduce Limited Company Tax with My Spouse?
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,…
Read MoreWork 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…
Read More