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Payments on Account: How does it impact the contractor in 2016/17
- April 10, 2017
- Posted by: admin
- Category: Business Growth, Contractors, Expenses, Finance & accounting, Tax
No CommentsPayments on account are where the taxpayer pays 50% of the following years personal tax at the same time they settle their current year’s liability (in the case of the 16/17 tax year this payment will be due by 31 January 2018). There is also a second payment on account due by 31 July for
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How a Merry Christmas could save you thousands in taxes
- December 29, 2016
- Posted by: admin
- Category: Business Growth, Contractors, Expenses, Start-ups
Hope you enjoyed your Christmas and are looking forward to a prosperous new year. Did you have a Christmas do? Or Christmas outing with your colleagues? What if you were able to claim your Christmas party cost as a company expense? I can almost hear you saying ‘yes please’. Ok! There is no specific allowance
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Directors Loan: The do’s and dont’s
- November 15, 2016
- Posted by: admin
- Category: Business Growth, Contractors, Expenses, Finance & accounting, Tax, Uncategorized
If you have just started up a limited company, the director’s loan account can be one of the trickiest concepts to get your head around. But I promise you it’s not impossible. It is necessary in understanding how you relate to your company and more importantly, how you can get at your lovely profits. What isn’t a director’s loan
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Take Your Tax-Free Lump Sum
- June 15, 2015
- Posted by: admin
- Category: Business Growth, Property, Tax
By taking the lump sum option offered on most personal pension schemes you receive a tax-free lump sum and purchase an annuity with the balance. Because the annuity is taxable whereas the lump sum is not (as long as it does not exceed 25% of the pension fund), you can be considerably better off from
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