What can I claim for when using my home as an office?
What can I claim for when using my home as an office? For many Limited Company contractors it doesn’t make financial sense to rent out office space. Instead, a room or area in their own home is set aside for business use. This provides the convenience and flexibility of working at home on the tasks […]
Can I use company money to pay my personal mortgage?
Can I use company money to pay my personal mortgage? Contractors who set up as a Limited Company may find that they have surplus cash in their account, which earns very little interest in the company bank account. A question that many Contractors have is if this money can be used to offset a personal […]
Can I buy property through my Limited Company?
Can I buy property through my Limited Company? It is possible to buy property through your Limited Company; however there are many things to be aware of and consider before taking this step which we will now review. To start with, it is not recommend buying your first property via your Limited Company. This is […]
Student loans
Student loans It’s fast approaching tax return season here again at Intouch, so we’re focusing our attention on the things you’ll need in order to complete your return. It’s useful if you have everything to hand before you start your return as it saves going back and forth gathering information – especially if you leave […]
Penalties – company accounts and Corporation Tax
Penalties – company accounts and Corporation Tax Accountants often talk about penalties and interest being incurred if documents are filed late, but we find that people rarely know the actual facts and figures that can be involved. This is quite a large subject, so in this blog we’re concentrating purely on a general overview in […]
Donations
Donations If you’re donating money to charity there are a few things you should be aware of, and a couple of hidden tax traps you may not know about. Paying personally If you donate to a registered charity in your own name you can opt to donate under the Gift Aid scheme. This means that […]
Directors’ loan and current accounts
Directors’ loan and current accounts The terms “directors’ loan account “ and “directors’ current account” are used quite frequently by accountants, and are simply another form of terminology for money owed by you to the company, or the company to you. When you first start trading through a Limited Company it is common for you […]
Personal tax calculations and payments on account
Personal tax calculations and payments on account If you are a director then you will be obliged to file a tax return each year, and will need to pay any tax that is due thereon as a lump sum on 31st January. You normally have to wait for your contractor accountant to calculate your tax […]
P11D forms are made simple by Intouch
P11D forms are made simple by Intouch We’re now just over a month into the new tax year, and like many contractor accountants we’re busy preparing P11D forms for our clients. In prior years this process has been quite time consuming all round, but thanks to ongoing Intouch developments the whole system is now quite […]
Main residence election
Main residence election The 2013 Autumn Statement contained details about the extension of capital gains tax (CGT) to non-residents when they dispose of residential property held in the UK, and the Government and have now issued a Consultation document entitled “Implementing a capital gains tax charge on non-residents”. The main changes proposed aren’t a massive […]