Candid Accountants our proud members of the ACCA, LCC and registered auditors.
Homeowners. The Chancellor’s shock announcement was the reduction to the capital gains tax (CGT) relief on homes. Currently, even where you aren’t living in a property as your main home, but have in the past, the capital gain for the final 36 months you own it is tax free. This CGT-
Should you always pay dividends if you can? Your company started small but is now making fair profits. However, you don’t need to draw this out as you have enough other income. So is it better to take out the profit now or leave it to accumulate?
For 2014/15 draw enough profit as dividends to take your income for the year up to £41,865, as no income tax will be payable on them. Otherwise, leave it in the company so that it can be taken when you sell or wind up your business -
Negotiating a tax-
Getting the landlord to pay for improving the property is one option. But a better one is for your business to pay and be compensated with a rent-
VAT on road fuel -
From February 2014, where a business pays for fuel used for private journeys made by a self-
An optional fuel “flat rate” charge replaces the existing scale charge from 1 February, but it works in the same way. You can switch options each quarter.
If you want to discuss any issues regarding the above or any other tax matters, please call our office to book an appointment with one of our consultants who will be happy to give you the best advice.