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Summer budget and dividends

:: in July 27, 2015 :: in Uncategorized :: Comments Off on Summer budget and dividends

The summer budget had some nasty surprises for small companies. If your company pays dividends and you are a basic rate taxpayer but don’t use up all your basic rate band, then consider taking additional dividends before 6th April 2016. These dividends don’t need to be paid but you do…

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Are your dividends legal?

:: in June 4, 2015 :: in Uncategorized :: Comments Off on Are your dividends legal?

HMRC would try to treat a dividend as illegal (insufficient profits) and assess tax and interest if you have not followed the correct procedures. To avoid this print a quick profit and loss account before the dividend is declared. Assuming there is enough profits (after providing for tax [currently 20%])…

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Consider voluntary VAT registration if you provide mainly services

:: in May 28, 2015 :: in Uncategorized :: Comments Off on Consider voluntary VAT registration if you provide mainly services

Consider this. You mainly supply services to other business customers who are registered for VAT themselves. You have very little expenditure where you would be able to claim VAT back. Depending on your type of business by using the FRS you can gain a financial advantage. For example: you invoice…

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