There’s no escaping tax on the benefits-in-kind (BiK) you receive from your company, but a loophole in the rules means that you can delay payment for a long time. How can you take advantage of this?
Published 28.04.2011
We recently heard from a subscriber who has been doing battle with the Taxman over use of company resources. He reckons that the directors should pay tax for using the company’s software at home.
Does he have a point?
Published 05.01.2010
If you personally own your company’s business premises and it makes some improvements to the building, this will land you with a hefty income tax bill. Why, and what steps can you take to reduce and
defer this amount?
Published 25.04.2013
There are two different ways to calculate the taxable benefit-in-kind (BiK) on your director’s loan account. One of them is more tax efficient, but the Taxman has the right to override this; is he
likely to do so?
Published 08.06.2010
Where you borrow money interest-free from your company, you can land yourself with a tax bill. But a friend, who’s also a director, tells you that he avoids this by paying interest to his company.
Will this also work for you?
Published 31.10.2011
If business is slow and your staff have time on their hands, you could use them to do personal work for you. But what steps should you take to ensure maximum tax efficiency for you and your company?
Published 25.05.2012
You’ve used your company credit card to buy some Christmas gifts and stock up on booze for the festive season. There will be tax and NI to pay if you don’t pay your company back. But how long can you
put off doing this?
Published 27.11.2012
From March 24 the Chancellor has changed the rules on company loans to shareholders. In future, loans that a company writes off won’t get a Corporation Tax deduction. Are there ways to avoid this new
tax cost?
Published 13.04.2010
Dividends might be the most tax-efficient way to take income from your company but they can only be paid out of profits. This means for a recently started business they probably aren’t an option.
What’s the next best thing?
Published 01.05.2012
According to a certain major supermarket chain, “every little helps”. But if the little extra in question is credit card reward points or Air Miles collected on your business purchases, will the
Taxman expect you to cut him in?
Published 04.02.2010