At some stage in your career, you may need to borrow funds from your company in the form of a director’s loan. Here we look at how loans are treated for tax purposes, and why timing is everything.
Contractor Tax Guides
- Limited company contractors have to account for company tax (Corporation Tax, VAT, Employers' NICs), and personal tax (Dividend Tax, Income Tax, Employees' NICs).
- In reality, a good accountant can take care of almost all of your company's accounting needs.
- If you're an umbrella contractor, then your tax and accounting needs are very simple, as you're taxed as a standard employee. Tax and NI deducted at source.
- How are dividends taxed?
- What is a director's loan?
- The most tax efficient salary for a director
- Limited company expenses your company can claim
- Taxes your limited company must pay
- What is the Employment Allowance?
Find out more about the April 2022 dividend tax increase, and use our interactive calculator to work out the effect on your take-home pay.
Here we look at what dividend waivers are, and why you should be aware of the tax implications should they be used improperly.
Are you thinking of winding up your limited company – possibly as a result of retirement, or due to the Off-Payroll (IR35) rules? Perhaps you want to sell all or part of your business to someone else?
There may be times where you need to borrow money from your own limited company, or you may have unintentionally done so whilst drawing down funds. What are the tax implications of doing so?
There are many legal types of tax relief available for all UK registered companies, no matter their size, that could save you thousands on your annual tax bill. You just need to know what they are, when they apply, and how to use them.
Capital allowances allow you to claim tax relief on assets you buy for your business. The value of these items can be offset against your company’s profits over time. So how do capital allowances work in practice?
Can you lend personal funds to your limited company, and how are interest payments treated for tax purposes?
Ever since the 2016 dividend tax hike, the timing of dividend declarations by limited company owners has become more important than ever – to minimise their exposure to punitive levels of tax.
If you’ve left your permanent job behind, you need to work out if your income will still be taxed at source, or if you need to join the almost 12 million other taxpayers who submitted a Self Assessment return last year.