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Using the advisory fuel rates
HMRC publish mileage rates for petrol, LPG and diesel and electric cars. The rates are known as the advisory fuel rates and are updated quarterly with…
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Cash basis for landlords
As for unincorporated trading businesses, the cash basis is the default basis of accounts preparation for landlords running an unincorporated property business. However, unlike…
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Homeworking expenses
Relief for homeworking expenses Where an employee works at home, they may incur additional household expenses as a result, such as additional…
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Reclaiming the cost of statutory payments
Employers must make statutory payments to employees who meet the eligibility criteria. This includes statutory maternity pay (SMP), statutory paternity pay (SPP),…
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What is an associated company?
Associated companies Over time, companies may accumulate substantial cash reserves. Whilst funds are commonly extracted through salary, dividends or pension contributions, another possibility is…
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Extracting profits as rent
Extracting profits as rent Where a business is run through a personal or family company, the directors/shareholders will need to extract profits…
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How to write off a director’s loan
In a personal or family company, there are often transactions between the company and the director(s). For example, the company may meet…
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What are alphabet shares?
Alphabet shares – A way to reduce tax When a company pays a dividend, all shareholders holding the same class of shares must receive…
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High Income Child Benefit charge
Escaping the HICBC The High Income Child Benefit Charge (HICBC) is a tax which claws back child benefit where the recipient or their partner…
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Utilising the property allowance
The property allowance is essentially an additional personal allowance for income from property. It allows individuals to enjoy property income of up to £1,000 each…
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