A company can only pay a dividend if there are sufficient retained profits from which to pay the dividend. There are no such restrictions on the payment of a salary.Salary ... Continue Reading
Hefty penalties apply to people who fail to file their Tax Return on time and you could pay as much as £1,300 in penalties if you file your Tax Return six ... Continue Reading
Losses from a property business are calculated in the same way as losses from a trade. Losses made on the same type of property are automatically offset against ... Continue Reading
Regardless of whether you are running your business as a sole trader, a company or a partnership, you need to tell HMRC.If you are a sole trader or an individual ... Continue Reading
If you own an asset that has become worthless you can make a claim to treat the asset as if you had sold it and immediately reacquired it at the time of the claim ... Continue Reading
Capital allowances cannot generally be claimed by landlords who let residential property. They are more likely to be claimed by landlords of commercial property ... Continue Reading
A business must register for VAT if the VAT taxable turnover in the previous 12 months is more than the VAT registration threshold (£82,000 from 1 April 2015) ... Continue Reading
Although the basic rate of income tax at 20% is the same as the rate of corporation tax (20% in financial year 2015), it can still be beneficial to incorporate and ... Continue Reading
Currently a ‘Wear and Tear’ allowance can only be claimed on rental property that is let as fully furnished, that is when the property includes such ... Continue Reading
When setting up a limited company consider creating different classes of shares to allow the flexibility for different rights to be attributed to different shareholders. ... Continue Reading
