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Tax Breaks for Directors - Part 2 Director shareholders - 19. Restructuring shares - 19.2. Acquiring more shares - 19.2.1. Loans to acquire shares
19.2.1. Loans to acquire sharesThe rules which allow income tax relief on interest paid on money borrowed to provide working capital to a company also apply to borrowing used to buy ordinary shares in a trading company. Tax breakTax relief is allowed for interest paid by directors on loans used for the purchase of the shares in their company.Click here -
Slash Your Tax for Small Businesses - 2. Aspects of incorporation - 2.3. How to incorporate an existing business - 2.3.9. How is stock treated on transfer?
2.3.9. How is stock treated on transfer?Any stock that the old unincorporated business holds will be treated as having been sold by the unincorporated business and purchased by the new company at its market value. However, an election can be made to treat the transfer as made at the greater of its original cost and the amount, if any, paid for it by the company. This is likely to provide additional profits for the unincorporated business on its cessation. TipIt might be possible to offset the additional profits...Click here -
Slash Your Tax for Small Businesses - 4. How business profits are taxed - 4.3. Computing the business profits - 4.3.5. When can I deduct the expenses that the business pays?
4.3.5. When can I deduct the expenses that the business pays?As under the accruals basis, income is included in the accounts when it’s earned, the things that the business spends money on are included in the accounts as they are consumed by the business. This is achieved in the following combination of ways:expenses should be included as they are incurred (i.e. the expense is included when the thing that gives rise to the expense is received)if goods are bought that are held as a stock of goods, that stock...Click here -
Slash Your Tax for Small Businesses - 4. How business profits are taxed - 4.4. Claiming capital allowances - 4.4.3. Do things I bought before the business started qualify for capital allowances?
4.4.3. Do things I bought before the business started qualify for capital allowances?Yes. Anything that you bought for your business before it commenced will be treated as having been bought on the first day of your business for capital allowances purposes.Additionally, any plant and machinery that you already owned and bring into use in your business will be treated as having been purchased at the lower of market value and original cost when you bring it into use in the business.TipFor company owner managers,...Click here -
Slash Your Tax for Small Businesses - 4. How business profits are taxed - 4.7. Taxable amounts for unincorporated businesses - 4.7.1. How are the taxable amounts from my sole trader or partnership business calculated?
4.7.1. How are the taxable amounts from my sole trader or partnership business calculated?An unincorporated business calculates its business profits as described in the earlier sections and then deducts its capital allowances claim from its business profits for that particular year. If it is a partnership, the resultant figure will be divided between the partners and each partner will be treated as if they are a sole trader with a profit (or loss) of that amount.The profits that will be taxable for the tax...Click here -
Slash Your Tax for Small Businesses - 6. Employing staff, PAYE & NI obligations and taxable benefits - 6.5. Tax-free benefits - 6.5.3. Can you give some examples? - Professional subscriptions
Professional subscriptionsIf an employee pays for their own professional subscriptions (relevant to their employment) they will obtain tax relief on the subscription. In taking salary to pay the subscription though, both the employer and employee will pay NI on the salary extracted.It’s better, therefore, for the employer to pay the subscription for the employee, saving them both NI, perhaps in exchange for a salary sacrifice.Click here
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