If you owe your company money you could repay it out of your net salary. However, writing off the debt might be a better option. How can you ensure maximum tax efficiency?
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You signed a contract to sell a property on which you’ve made a capital gain. You’ve resigned yourself to paying a large tax bill, but a friend says that you could reduce it by transferring a share
of the property to your spouse. Is he right?
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Employers are still having to cope with HMRC’s inability to handle its PAYE RTI system. If its records don’t match up with yours or you receive a letter incorrectly warning that you’ve made a late
report, how should you respond?
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Scottish rate of tax announced..Speculation ended. The Scottish rate of income tax (SRIT) was announced on 16 December 2015. For 2016/17 this has been set at 10p, which in effect means income tax
rates payable by anyone liable to the SRIT will be exactly the same as those which apply to others in the UK. Same but different. Despite there being no difference...
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To help improve the company’s cash flow and for personal tax reasons you’ve delayed taking some of your salary. However, your payroll manager tells you that this doesn’t affect when the PAYE tax and
NI is payable. Can that be right?
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If you run your own company and plan to retire, the usual strategy is to sell or wind it up and take the money. However, changes to the tax rules in 2016 might make it more tax efficient to keep the
company going. Why?
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You’ve reclaimed VAT on an asset which you expect to use to make VATable supplies, but your intentions change. It will instead be used for exempt or non-business purposes. Does this mean you’ll have
to repay the VAT?
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2014/15 tax return deadline in sight..2014/15 deadline. Personal self-assessment tax returns for 2014/15 must be submitted by no later than midnight on 31 January 2016. If you miss the deadline HMRC
will fine you £100. The only escape is if you can convince HMRC that you had a reasonable excuse for missing the deadline, e.g. last minute Internet failure....
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The value of your business assets is protected from inheritance tax (IHT) by business property relief (BPR). But as soon as you contract to sell the business, BPR is lost. What steps can you take to
preserve it?
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