It can make sense financially for directors of personal and family companies to borrow money from the company rather than from a commercial lender. Depending on when in the financial year the loan is taken out, it is possible to borrow up to £10,000 for up to 21 months without any tax consequences. However, if…
Can we deduct entertaining expenses?
The tax rules on the deductibility of entertaining expenses are harsh and often misunderstood – the fact that the expenditure is incurred for businesses purposes does not make it deductible. Subject to certain limited exceptions, no deduction is allowed for business entertaining and gifts in calculating taxable profits. What counts as business entertainment? Business entertainment…
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Ensure you take advantage of the AIA when buying plant, machinery or equipment. This gives you 100% relief on the purchase of assets (subject to limits). This scheme has the potential to save up to 50% of the investment in tax depending on your circumstances We can advise and make sure you are taking full advantage- My Tweets