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Blog: Directors' loan accounts – the tax implications

Blog: Directors' loan accounts – the tax implications | Charterhouse LLP | Scoop.it

My last blog covered the consequences and opportunities that arise from the operations of directors' loan accounts – which included talking about profits being extracted from a company by way of a long term loan with no personal income tax liability. HMRC has, not surprisingly, moved to counter this and the Section 455 Corporation Tax Act 2010 does impose a tax liability on the company if, at the end of an accounting period, there is a loan outstanding to an individual who is a participator (shareholder).

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Blog: Understanding directors' loan accounts

Blog: Understanding directors' loan accounts | Charterhouse LLP | Scoop.it

The directors' loan account is an important aspect of how a private company operates its business and records transactions with its directors/shareholders, yet it is also a subject in respect of which there is a considerable amount of confusion, not least the tax implications arising in certain circumstances.

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Blog: Child benefit explained – are you liable for the charge?

Blog: Child benefit explained – are you liable for the charge? | Charterhouse LLP | Scoop.it

The high income child benefit charge was introduced on 7 January 2013 as a way to restrict child benefit to couples. The charge effectively claws back through the self-assessment tax return of the higher earning partner, some or all of the child benefit received in the year. Consequently, as an alternative to incurring the charge, HMRC allows individuals not to receive the benefit...

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Blog: Aim Higher - What's our new brand all about?

Blog: Aim Higher - What's our new brand all about? | Charterhouse LLP | Scoop.it

We recognise that our clients want more from us than the annual accounts: they want consultancy, strategic advice and a helping hand when it is needed – be that with the production and interpretation of management accounts, HR support, guiding them through a significant event such as a merger, or simply with their personal financial planning. They want the focus to be on today and the future, not just the historic numbers...

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Blog: The lowdown on Tax Returns

Blog: The lowdown on Tax Returns | Charterhouse LLP | Scoop.it

Self-assessment tax returns are normally issued by HM Revenue & Customs every April. They get issued to people who are self-employed, either on their own or in a partnership, to directors of companies and to those people who have more complicated tax affairs. This group can include people who are very wealthy and have a large number of income sources, both in the UK and abroad, through to pensioners who may have several sources of income, primarily from pensions and investments...

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Blog: Simpler Income Tax: A guide to the cash basis

Blog: Simpler Income Tax: A guide to the cash basis | Charterhouse LLP | Scoop.it

Cash basis is a way of working out your income and expenses for your Self Assessment tax return.

You can use cash  basis if you:

   Are a small self-employed businesses (sole traders and partnerships).   Have an income of £79,000 or less a year (this is the threshold when you have to register for VAT).
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Blog: My Tax Return Catch Up

Blog: My Tax Return Catch Up | Charterhouse LLP | Scoop.it

HM Revenue  & Customs (HMRC) is offering you a quick and straightforward way to bring  your tax affairs up to date. This campaign is for you if HMRC has sent you a  Self-Assessment tax return or notice to complete a tax return for any year up  to 2011-12 and you have not yet taken any action. By taking part you will  receive the best terms available...

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Blog: Data payment crackdown

Blog: Data payment crackdown | Charterhouse LLP | Scoop.it

From 1st September 2013 HMRC can access card payment transactions to ensure traders have correctly accounted for all taxes due...

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Blog: Ten ways to become more customer focused

Blog: Ten ways to become more customer focused | Charterhouse LLP | Scoop.it

In our free-enterprise economy, the customer is king. It’s those who please the customer most that ‘win’ the most business.

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HMRC is closing in on undeclared income… - Article Harrow : Charterhouse

HMRC is closing in on undeclared income… - Article Harrow : Charterhouse | Charterhouse LLP | Scoop.it
Charterhouse's insight:

HMRC is closing in on undeclared income…

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Blog: Get your VAT flat rate percentage right

Blog: Get your VAT flat rate percentage right | Charterhouse LLP | Scoop.it

Case law for the VAT flat rate scheme is gradually evolving and confirms some interesting principles. The choice of VAT flat rate percentage used by a business is, in theory, quite straight forward. The business should look at its type of activities and select the most appropriate percentage for its sector. However, real life is never that straightforward and the choice of VAT flat rate percentages can also not be as easy as it might seem...

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Blog: Let Property Campaign

Blog: Let Property Campaign | Charterhouse LLP | Scoop.it
Charterhouse's insight:
The Let Property Campaign gives you an opportunity to bring your tax affairs up to date if you’re an individual landlord letting out residential property in the UK or abroad and to get the best possible terms to pay the tax you owe...
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Blog: Understanding debt finance

Blog: Understanding debt finance | Charterhouse LLP | Scoop.it

Many small businesses need to look for external funding at some stage, with debt finance being one of the most common sources for both start-ups and existing businesses...

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Blog: HMRC Let Property Campaign

Blog: HMRC Let Property Campaign | Charterhouse LLP | Scoop.it

The HMRC Let Property  Campaign is designed to encourage residential property  landlords to come forward and voluntarily disclose any undeclared rental income  to HM Revenue & Customs.

Although the campaign will be directed at all residential landlords, HMRC is particularly focusing on:..

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Blog: Changes for owners of commercial property

Blog: Changes for owners of commercial property | Charterhouse LLP | Scoop.it

In 2014 the Government is introducing two significant new obstacles before property buyers can claim capital allowances. If these are not properly addressed at the time of the transaction, then the lost tax relief to the buyer will be catastrophic. This is even expected to reduce the market value of some properties...

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Blog: Keep your business records up-to-date

Blog: Keep your business records up-to-date | Charterhouse LLP | Scoop.it

HM Revenue & Customs (HMRC) re-launched its Business Records Check (BRC) initiative late last year - make sure yours are up-to-date

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