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The interest restriction for landlords letting residential property on long lets, the proposed abolition of the favorable furnished holiday letting rules,, and lower corporation tax rates led many landlords to question whether it would be preferable to let property through a company instead. Like most things, there are pros and cons. Advantages As for any
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In personal and family companies, directors often borrow money from the company as this is a cheaper and easier option than taking out a commercial loan. However, there can be tax consequences for both the director and the company. If the loan balance exceeds £10,000 at any point in the tax year, a tax charge
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It is eight years since companies had to deal with two tax rates and marginal relief when calculating their corporation tax liability. That system has now been reinstated and, as of 1 April 2023, the amount of corporation tax will depend on a company’s profits as follows: under £50,000 – small profits rate of 19%
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If you have a company that is dormant and you have filed your company tax return showing that no tax is due, you may think that there is nothing further you need to do as regards the lack of corporation tax due. After all, you have filed a return which shows that you have nothing
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