The question of whether to run a business as a limited company is a major decision. Here we look at some of the key areas to consider. Tax implications Income tax vs corporation tax For limited companies, it is the company and not the director-shareholder that pays tax. The current rate for corporation tax is … Continue reading Running Your Business as a Company
The start of the 2016/17 tax year saw the introduction of the Personal Savings Allowance (PSA); from 6 April 2016 basic rate taxpayers can receive £1,000 interest income free of tax. Interest from ISAs does not count towards the PSA because it’s already tax free. Higher rate taxpayers have a £500 allowance and those with … Continue reading Tax Efficient Income Extraction from Your Limited Company
If you sell goods or services to customers, it’s likely that you’ll also have to invoice those customers for the work you’ve done. But what information are you actually required to include on your invoices? You must clearly display the word ‘invoice’ A unique identification number Your company name, address and contact information. If you … Continue reading What is an invoice and what should it include?
A registered office address is the official address of a limited company or LLP that is listed at Companies House. Companies House, H M Revenue and Customs and other relevant government bodies use this address to send company notices, letters and reminders, etc. However, it does not need to be the main place of business. … Continue reading What is a Registered Office?
Prevention is better than cure! - A saying that can often apply to reducing your tax bill. Taking a proactive approach to your accounts can often be the simplest way to save you tax in a number of ways, for example: Annual Investment Allowance (AIA) The AIA allows you to claim 100% of the cost … Continue reading Prevention is better than cure!
Are you a Director of a Ltd Company? Do you wish to provide a family member with a car for their personal use? If so read on: There are considerable savings to be made by purchasing a brand new car for your son/daughter through your Company. The child does not even have to work for … Continue reading Family car planning for limited companies