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Incorporation…sole trader to Limited Company

Incorporation…sole trader to Limited Company

Thinking of changing from a sole trader to a Limited Company ? Why would you do that ? There are a number of ways that businesses can trade – the most common legal structures for businesses are sole-traders, partnerships, Limited Liability Partnerships (LLPs) and...

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Use the Dividends allowance…don’t lose it !

Use the Dividends allowance…don’t lose it !

Utilising the 2019/20 dividend allowance The dividend allowance is quite unusual in that it is available to everyone and everyone has the same allowance. For 2019/20 the allowance is set at £2,000. In common with many allowances, it is a case of use it or lose it. As...

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Staff – Giving Christmas gifts and bonuses

Staff – Giving Christmas gifts and bonuses

It's the time of year when employers think about rewarding their staff for all their hard work over the year. But there are some pitfalls to watch out for but some really good tax breaks too so it's worth being careful. Any Christmas bonuses / gifts paid in cash to...

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Own your own Company ? – Don’t take an illegal dividend

Own your own Company ? – Don’t take an illegal dividend

As a Director / shareholder of your own Limited Company you will have heard a lot about how tax efficient it can be to combine a salary with dividends to form your income. When you make a dividend payment however you need to ensure that you’ve sufficient funds...

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Private Residence Relief

Private Residence Relief

Nominating your main residence Private residence relief shelters a gain on the sale of a residence from capital gains tax while the property has been the owner’s only or main residence. Where a property has been an only or main residence at some point, the final...

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When is a car a pool car ?

When is a car a pool car ?

When is a car a pool car? Rather than allocating specific cars to particular employees, some employers find it preferable to operate a carpool and have a number of cars available for use by employees when they need to undertake a business journey. From a tax...

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