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  When extracting profits from a family company, there are multiple options available. Each method has its own tax implications, so it’s essential to choose the most efficient one based on your personal and business circumstances. Below are some of the most common methods: 1. Salary Pros: Salaries are an allowable business expense, reducing the

If you’re temporarily non-resident in the UK, it means you’ve left the country but plan to return within five full tax years. While you’re non-resident, you’re not subject to UK tax on your worldwide income, but there are important tax considerations upon your return. Key Tax Implications Capital Gains Tax (CGT): If you dispose of

  When a property is jointly owned, the tax treatment depends on the type of ownership and the specific circumstances. Here’s a quick guide to how income from jointly owned property is taxed: 1. Rental Income Default Split: For married couples or civil partners, rental income is generally split 50:50 unless a formal declaration or

The concept of “limited liability” is a cornerstone of corporate structure, offering protection to company directors and shareholders. However, this protection is not absolute, and there are circumstances where directors can be held personally liable. When Directors May Be Personally Liable Personal Guarantees: Directors often sign personal guarantees for loans, leases, or credit agreements. If

Selling a property to a housing association can raise important VAT considerations. Generally, VAT is not chargeable on the sale of residential property, but there are nuances to be aware of: New Residential Properties: The sale of a newly built residential property is typically zero-rated for VAT. This means no VAT is charged, but the