In the lead up to Christmas and the end of the financial year for many businesses, some directors and employees may be fortunate enough to be thinking of a bonus. If this is the case, it might be worth reviewing things beforehand to see if there is a risk of suffering effective tax rates of…
- Directors’ loans – Beware of ‘bed and breakfasting’
- Can we deduct entertaining expenses?
- Zero charge for zero emission cars
- How to calculate your payments on account
- Beware of triggering an IHT bill on Christmas gifts
- Buying a property to let – the importance of keeping records from day one
- Domestic reverse VAT charge for building and construction services
- Nominating your main residence
- Family member pension contributions
- Be aware of 60% tax rate risk on bonuses
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Did you know?
WAGES PAID TO FAMILY MEMBERS: To reduce profits, consider employing members of your family who are not currently employed. They can use their unused personal allowance to cover the wages that you pay them. You can claim their wages against your profits. You must, pay them a competitive market rate for their services and only pay for the hours that they work for you. National Minimum Wage rules also need to be applied.
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