Your guide to the main taxes in the United Kingdom Income Tax Value Added Tax (& Insurance Premium Tax) Corporation Tax In the UK, 74% of government income is generated from Income tax and National Insurance Contributions and VAT (including insurance tax premium). Income tax Income tax is the largest earner for the government and […]
Tax deductible expenses Tax Saving Strategies, Taxation Keeping records is a must for accurate assessment of your expenses – therefore saving you tax. You should start keeping all business related expenditures invoices and receipts before you start trading as most of them will be deductible. Besides the general deductible expenses, the ones below should be claimed; Training […]
Directors’ loan account traps Tax Planning, Tax Saving Strategies, Taxation The general rule As a general rule, the ‘Loans to Participators’ provisions of CTA 2010, Pt 10, Ch. 3 imposes a 25% tax charge on close companies in respect of overdrawn directors’ loan account to the extent that the loan is not repaid within 9 months after the end of the […]