Trump’s Tariffs proposed implementation particularly on Chinese and European imports, has sparked renewed debates about global trade. In an increasingly interconnected global economy, political and economic decisions made in one part of the world often ripple across borders. While the immediate focus tends to be on the U.S. and its direct trade partners, the effects […]
Category Archives: Accounting and Finance
Stay ahead with expert insights on accounting and finance to help you manage your business and personal finances effectively. From bookkeeping tips and tax strategies to financial planning and investment advice, this blog covers essential topics to keep you informed and financially savvy. Whether you’re a small business owner, freelancer, or finance professional, you’ll find valuable guides, industry updates, and best practices to optimize your financial health.
Empower yourself with the knowledge to make informed financial decisions and drive business success!
Tax planning for married couples or civil partners has long been an effective strategy for enhancing tax efficiency . This Tax efficiency planning strategy is particularly beneficial for utilizing tax allowances fully, especially regarding capital gains tax (CGT) and income tax. One of the significant advantages for married couples or civil partners is the ability […]
Being a company owner, you likely have a personal vehicle or car Efficiently that you may or may not manage through your company. There are two common approaches for handling the business portion of private vehicle expenses: Own the Car Personally and Charge Mileage: You can own the car personally and charge your company at […]
Accounting and Finance
Tax-Efficient Strategies for Extracting Company Profits in the UK through salary
When it comes to extracting money from your company, a common approach is to take a small salary and the balance via dividend. Usually, company owners are advised to take a salary equal to the personal allowance, with the rest drawn as dividends. However, this isn’t always the most tax-efficient method. In the UK, determining […]
For anyone who owns or is considering acquiring trading premises or any commercial property, utilizing a Small Self-Administered Scheme (SSAS) can be a highly tax-efficient strategy. . Many business owners either hold their commercial property personally or within their company, but both approaches have significant drawbacks. Holding property within a trading company exposes the asset […]
Share buybacks could be a powerful tool if you’re not ready to sell your company to a third party but want to start stepping back from day-to-day operations. This strategy allows you to realize the value of your shares at the advantageous Business Asset Disposal Relief rate of 10% CGT. In essence, a company buyback […]
If you’re approaching a potential business exit planning within the next seven years, it’s essential to review your shareholding structure to ensure that you and your spouse can maximize the benefits of Business Asset Disposal Relief (BADR), formerly known as Entrepreneurs’ Relief. This relief reduces the Capital Gains Tax (CGT) rate on qualifying business disposals […]
When it comes to extracting money from your company, a common approach is to take a small salary and the balance via dividend. Usually, company owners are advised to take a salary equal to the personal allowance, with the rest drawn as dividends. However, this isn’t always the most tax-efficient method. In the UK, determining […]
Research and Development (R&D) Tax Credits are one of the most underutilized tax reliefs available to UK businesses. Introduced over two decades ago, these credits are designed to encourage companies to invest in innovation. Despite their potential, many businesses fail to claim R&D tax credits, either because they are unaware of their eligibility or because […]
Inheritance Tax (IHT) is often overlooked in estate planning despite its significant impact on wealth transfer. In the UK, the current nil-rate band for IHT is £325,000 per individual (2024/2025). This means that any estate value exceeding £325,000 is subject to a 40% tax. For a married couple, the combined allowance is £650,000, which can […]