Tips are tax free, aren’t they?
I was reviewing the way in which the calculation of payroll will work for the new Apprenticeship Levy due to be introduced in April 2017 and in principle it’s every payment that is taken into account for Class 1 NIC. So this could, in some circumstances, include...
Tax on Company Loans
We heard quite a lot in the Budget about the changes in taxation on dividend income – but not a lot about another tax increase relating to the use of company assets. It’s a common device for directors or participators in small companies to have a loan, in...
Tax avoidance and tax evasion are two very separate approaches
Maybe you heard that the Government plans to curtail the use of tax avoidance schemes by making accountants who sell these schemes pay a fine equivalent to the tax that would have been due if the scheme hadn’t been used? Now I know some people feel that tax...
Are buy to let properties still a viable investment?
Buying property as an investment has been very popular in the last 20 years or so. Provided you can deal with the management aspects, or employ an agent to do so, it’s been a reasonably remunerative exercise. However, government proposals regarding mortgage...
Badges of trade and interval of time between purchase and sale
The last badge of trade is to do with the interval of time between purchase and sale. As we’ve explored in earlier blogs, the way in which you acquired the asset can have a bearing on whether HMRC treat the sale as trading. But what about the assets that you...Get your FREE report
7 Costly Mistakes Small Business Owners are Unknowingly Making!