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Tax Efficient Extraction of Profit from Companies for 2018/19

Submitted by shapcotts on Mon, 23/04/2018 - 11:19

The new tax year means that many directors of family companies will be considering the most tax efficient method of paying themselves. 

For many years accountants and tax advisors have suggested that director/shareholders should extract profit by paying themselves a low salary with the remainder of their income being extracted in the form of dividends. 

Scottish Income Tax Rates due to Rise from 6 April 2018

Submitted by shapcotts on Mon, 23/04/2018 - 11:13

The Scotland Act 2016 provides the Scottish Parliament with the power to set all income tax rates and bands that will apply to Scottish taxpayers’ non-savings, non-dividend (NSND) income for tax year 2018/19. 

Charities Gift Aid Small Donations Scheme

Submitted by shapcotts on Mon, 23/04/2018 - 10:41

Whilst on the subject of the reduction in cash transactions, we take the opportunity remind you of the Gift Aid Small Donations Scheme (GASDC). Under this scheme, a charity or community amateur sports club (CASC) can claim top-up payments on small donations up to £20. 

From 6 April 2017 charities have also been able to claim tax back on donations made using contactless technology, such as a contactless credit or debit card.

Cash and Digital Payments in the New Economy

Submitted by shapcotts on Mon, 23/04/2018 - 10:17

One of the announcements in the Spring Statement was the possible demise of the 1p and 2p coins and the £50 note, but for different reasons. It seems that more and more of us are paying for small transactions such as our morning coffee by using contactless payments. 

Those who do pay in cash and where the cost is say £2.99 we put the penny change in the charity pot and many are thrown away! The £50 note has been linked to money laundering and other illegal cash-based payments.

No Major Tax Changes in Chancellor's Spring Statement

Submitted by shapcotts on Mon, 23/04/2018 - 10:07

As announced last year, the Chancellor’s Budget will in future take place in the Autumn each year as opposed to the Spring. There was, however, a Statement by the Chancellor on 13 March, but he made little mention of tax changes, instead choosing to focus on the state of the economy and stating that there is “light at the end of the tunnel”. This contrasts with other recent Chancellors such as Gordon Brown and George Osborne who used both the Spring Budget and Autumn Statement to make announcements of tax changes.

What Allowances can you Claim on Replacement of Domestic Items?

Submitted by shapcotts on Tue, 10/04/2018 - 14:00

As a Landlord, it’s always important to ensure that you know what you can be claiming for.

The government allows landlords to claim tax relief on money spent to replace 'domestic items' in their rental properties. This came into effect from 5 April 2016 and the replaces the previous wear and tear allowance basis, which was used to cover such items.

The government lists a number of examples of which domestic items qualify for this new relief. These include:-

Are you Claiming all your Expenses?

Submitted by shapcotts on Tue, 10/04/2018 - 13:32

To ensure you are paying as little tax as possible it’s important to claim all the allowable expenses that are available. Are you claiming all of yours?

As a general rule, landlords can claim the expenses of running and maintaining their property. The most common types of expenses you can deduct are:

Can I Claim my Legal Expenses?

Submitted by shapcotts on Tue, 10/04/2018 - 13:12

The answer to this question is that it depends what your legal expenses relate to. So let us cover a few examples in our article today.

Generally, legal fees are capital if they relate to a capital matter, such as the purchase of a property. Therefore costs incurred in respect of acquiring, adding to or selling an asset are normally capital.

Structuring your Property Business

Submitted by shapcotts on Tue, 10/04/2018 - 11:22

At Shapcotts we have a range of packages that we offer to assist our clients to ensure they achieve what they want and need from their property business and portfolio.

Today I am going to highlight our Structuring your Property Business Package. 

5 Things to Consider when Transferring Properties into a Company

Submitted by shapcotts on Tue, 10/04/2018 - 10:57

This, unfortunately, is not a simple question to answer as there are many possibilities. So today I will provide some insight into some of the aspects that you will need t consider. I would recommend speaking to a professional such as ourselves ahead of making any final decisions to ensure that you don’t find you have a nasty surprise when you look at the tax bill or any other impacts in making a change.

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M. J. Shapcott & Co Limited,
Charter House,
Wyvern Court,
Stanier Way,
Wyvern Business Park,
Derby
DE21 6BF

Tel: 01332 680540
Fax: 01332 662758
Email: admin@shapcotts-accountants.co.uk

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M. J. Shapcott & Co Limited, Charter House, Wyvern Court, Stanier Way, Wyvern Business Park, Derby DE21 6BF

Tel: 01332 680540 | Fax: 01332 662758 | Email: admin@shapcotts-accountants.co.uk