Limited Company

Last year, the Covid-19 pandemic and national lockdown took Christmas parties (other than virtual ones) off the agenda. This year, they may be a temptation to make up for lost time. How can you celebrate the festive season without triggering a tax liability in the process?

From April 2022, both national insurance and dividend tax are set to rise by 1.25%.

As the country emerges from the Covid-19 pandemic, business travel is once again on the agenda. 

During the Covid-19 pandemic, HMRC paused much of their tax collection work but as the country starts to emerge from the pandemic, HMRC have once again turned their focus to the collection of tax debts, publishing a policy paper setting out their approach.

If you operate through a limited company, for example as a personal or family company, you will need to extract funds from your company in order to use them to meet your personal bills.    

Many businesses have suffered losses as a result of the Covid-19 pandemic, and where a business has made a loss, various options are available to obtain relief for that loss. The challenge is to make the best use of the loss.

To encourage companies to invest, enhanced capital allowances are available for expenditure incurred within a limited two-year window. 

A popular profit extraction strategy for shareholders in personal and family companies is to pay a small salary and to extract further profits as dividends.     

A summary of the announcements made by the Chancellor of the Exchequer Rishi Sunak in the 2021 Budget on Wednesday 3rd March 2021.

Are you ready for the changes to IR35 and off-payroll rules coming in on 6^th April 2021? Read our short summary of the changes.