by Karen | Jun 17, 2021 | Accounting, HMRC, Tax
With assets that have become worthless, it may be possible to make a negligible value claim, allowing a loss to be realised which can be set against chargeable gains to reduce the capital gains tax liability. A negligible value claim can be made either on the...
by Karen | Jun 4, 2021 | Accounting, Business Costs, Covid-19, HMRC, Tax
If you operate through a limited company, for example as a personal or family company, you will need to extract funds from your company in order to use them to meet your personal bills. There are various ways of doing this. However, a popular and tax efficient...
by Karen | May 26, 2021 | Accounting, Covid-19, Financial planning, HMRC, Tax
To help meet some of the costs incurred in dealing with the Covid-19 pandemic, the Chancellor announced in his 2021 Budget that a number of allowances and thresholds will remain at their 2021/22 levels until 6 April 2026. Those affected are outlined below. Personal...
by Karen | Apr 22, 2021 | Accounting, Covid-19, HMRC, Tax
Many businesses have suffered losses as a result of the Covid-19 pandemic, and where a business has made a loss, various options are available to obtain relief for that loss. The challenge is to make the best use of the loss. To help loss-making businesses,...
by Karen | Apr 15, 2021 | Accounting, HMRC, Tax
A popular profit extraction strategy for shareholders in personal and family companies is to pay a small salary and to extract further profits as dividends. The optimal salary will depend on whether the employment allowance is available to shelter any employer’s...
by Karen | Apr 12, 2021 | Accounting, HMRC, Tax
The financial impact of the Covid-19 pandemic is unprecedented and borrowing levels in 2020/21 of 16.9% of GDP represent the highest level of peacetime borrowing. To meet some of this cost, the Chancellor, Rishi Sunak, announced in the 2021 Budget that various...
