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Making A Negligible Value Claim Where assets that have become worthless, it may be possible to make a negligible value claim, allowing a loss to be realised which can be set against chargeable gains to reduce the capital gains tax liability. A negligible value claim can be made either on the self-assessment tax return or […]

NIC And Company Directors Special rules apply to company directors when it comes to calculating their Class 1 National Insurance liabilities. Why the rules Directors, particularly of personal and family companies, can control how and when they are paid and, in the absence of special rules, would be able to reduce their Class 1 National

Tax Consequences Of ‘Illegal’ Dividends Dividends can only be declared out of a company’s available undistributed profits, and if the payments are to be legal then the correct administrative procedures need to be followed. If a director sanctions illegal dividend payments, there can be significant tax for both the individual concerned and the company even

What happens if your business is ‘chosen’ for an HMRC enquiry? HMRC has the power to enquire into any return and request any information to establish whether that return is correct. No reasons need be given and invariably will not be disclosed. An enquiry may be: Full – checking a return as a whole including

Is Rent-A-Room Relief Always Worthwhile? Rent-a-room relief aims to encourage those with spare rooms in their homes to let them out to increase the supply of furnished rental accommodation. Under the scheme, a person can earn up to £7,500 each tax year tax-free from letting out furnished accommodation in their own home. The limit is