Salford Tax Specialists Ltd Blog
The Pitfalls of VAT Deregistration for Local Business
Let's consider some possible traps a business can fall under when deregistering from VAT that can lead to an unexpected bill from HMRC. Businesses have been undergoing tough times lately, and some smaller-sized businesses selling to the public, particularly solutions,...
Self-Employed? Is Incorporation Worthwhile?
It can still be beneficial to incorporate and draw out funds by taking a small salary and removing more revenues in the form of dividends (see Tips 25, 26 and 27). However, increases in the rates of corporation tax, employer's National Insurance and dividend tax a cut...
Uncollectable Bills and Tax: What Happens When Invoices Go Unpaid?
The tax implications for a business if billings are not paid. Uncollectable bills position a considerable challenge for every business. Dive Funding's 2025 UK business debt report (April 2025) exposed that the average financial obligation per company stands at ₤...
How to Avoid Paying VAT on a Tenanted Commercial Building
Lets look at the VAT position on the purchase of business property. To recuperate the VAT on costs associated with their industrial residential or commercial properties, the owners of many industrial property rental businesses have decided to tax their portfolios of...
Exactly How Company Cars Will Be Taxed in 2025
How company cars may be taxed from April 2025. If a car is offered to an employee for their exclusive usage, an income tax cost occurs.Double-cab pick-up trucks, a typical alternative to the car, have actually historically been dealt with as vans for both VAT and...
Capital Gains Tax on Chattels and Wasting Assets– What’s Exempt?
The capital gains tax exceptions for chattels and squandering properties. While income tax relates to the majority of income sources, capital gains tax (CGT) puts on profits on the sale or disposal of an asset that has enhanced in value because its procurement....
Utilising Your Yearly CGT Exception
If you have capital gains within your profile then it is very important to make use of the annual capital gains tax exempt amount. The annual exempt quantity has actually been considerably lowered in recent times, minimizing the prospective tax savings that are...
When Is a Loan Write-Off Not Tax-Deductible?
Taking into consideration some relatively unknown anti-avoidance regulations, and just how it may apply to smaller family companies. The loan partnerships regime applies particularly to companies (CTA 2009, s 292 et seq.). A write-off of a debt by a financing or...
The Smart Director Loan Method HMRC Permits
Funds can be offered to a director by making a loan from the company to the director. Although there are tax consequences of making loans, it is feasible for the director to have using the money for as much as 21 months totally free or for a very little cost. The...