Category Archives: Corporate

Directors’ loan accounts, a note of caution

Posted on 11/03/2011 by Jamie Hooper ATT CTA

It is established practise in small and medium size companies for owner directors to withdraw sums from the business ‘in lieu of salary’ and then, at the year end, to declare a dividend to clear to nil any balance on … Continue reading →

Posted in Business, Corporate, Taxation | 1 Comment

Taxman considers amnesty for heating engineers

Posted on 04/03/2011 by Jamie Hooper ATT CTA

Permanent secretary for tax Dave Hartnett has suggested that gas fitters could be the next professional group to be offered a disclosure opportunity. Following tax amnesties for offshore account holders and healthcare professionals, HM Revenue & Customs (HMRC) may offer … Continue reading →

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How good are your records?

Posted on 28/02/2011 by Jamie Hooper ATT CTA

HMRC believes 40% of the five million small and medium businesses in the UK maintain inadequate records.    Due to commence in the second half of 2011, the HMRC are introducing a new Business Records Check consisting of a visit to the business … Continue reading →

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Interest on employee loans to remain at 4.00%

Posted on 15/02/2011 by Jamie Hooper ATT CTA

HMRC have confirmed that the official rate of interest applying to interest-free or low interest loans made to employees will remain at 4.00% for the 2011–12 tax year, subject to review in the event of significant rate changes.

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Family companies still under scrutiny by HM Revenue & Customs

Posted on 13/09/2010 by Jamie Hooper ATT CTA

Despite several high profile cases going against HM Revenue & Customs, the tax authority is continuing to pursue shareholders in family companies where there is perceived tax avoidance by income shifting.  Income shifting is the process of diverting income from … Continue reading →

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The VAT trap for sole traders – multiple trades

Posted on 26/08/2010 by Jamie Hooper ATT CTA

The majority of sole traders are aware of their obligations to register for VAT when their business turnover has gone over a specific limit – called the ‘VAT threshold’ (currently £70,000), but few realise that it is not their ‘business’ … Continue reading →

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