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Directors’ loans can be tricky from a tax perspective. Specific tax charges apply where loans to director shareholders of close companies (broadly those under the control of five or fewer shareholders) are not repaid by the corporation tax due date. This is nine months and one day from the end of the accounting period. Where
Learn MoreOn 15 March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and set out a plan to reduce inflation, grow the economy and get government debt falling all whilst avoiding a recession and tackling labour shortages. Below we set out some of the main points. COST OF LIVING SUPPORT Energy Costs The Energy
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The trading allowance enables an individual to earn up to £1,000 from self-employment, the provision of casual services (such as gardening or babysitting) or from hiring out personal equipment without having to pay tax on that income or tell HMRC about it. You may also make use of it if, for example, you sell items
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The VAT default surcharge is being replaced with a new VAT penalty and interest regime. The new rules apply to VAT accounting periods beginning on or after 1 January 2023. Late filing penalties The new penalty regime operates on a points-based system. Each VAT return received late, including nil and repayment returns, will receive one
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The dividend allowance is available in addition to the personal allowance. It allows all taxpayers regardless of the rate at which they pay tax to receive dividends up to the level of the dividend allowance free of any personal tax. This is in addition to any dividends sheltered by the personal allowance which are also
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A gain on the sale of an investment property, such as a buy-to-let or second home, will be liable to capital gains tax to the extent that it is sheltered by losses or the annual exempt amount. The annual exempt amount is like a personal allowance for capital gains tax purposes and allows individuals to
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