P11D is the name given to a form where you record all non-cash income you have received from the company, whether or not you derive a personal benefit. These forms must be submitted by 6 July for ALL limited company DIRECTORS*. Any Class 1A NICs due as a result of P11D benefits must be paid by 22 [...]
Can I claim for my travel costs to save tax?
February 23, 2013 by Leave a Comment
You can claim 45p per mile (up to 10,000 miles and then 25p thereafter [2011-12 rates shown]) as an expense against your business for all business travel made in your own car, whether you are operating as a sole trader or a limited company. If you are a sole trader, you could claim capital allowances, and [...]
Loans to directors – how much can you borrow?
November 7, 2012 by Leave a Comment
It was once illegal for companies to loan money to directors, but now it can be quite a useful method of extracting funds from a company, particularly if you do not have sufficient reserves to declare a dividend, or are getting to the limit of your basic rate with respect to personal income levels. However, [...]
Tax efficient ways of extracting funds from your limited company
September 26, 2012 by Leave a Comment
When you operate a sole trader business, you are taxed on all of your profits and so therefore how you take your drawings form the business is irrelevant for tax purposes. However, when drawings are taken from a limited company, it is important to take them in a structured way in order to minimise your tax liabilities. [...]
It’s Christmas! What can I claim from HMRC
December 6, 2011 by Leave a Comment
Christmas is fast approaching as I write this blog. As business owners, we may want to give our staff, customers and suppliers a Christmas gift or party, but what are the tax impacts of this? Firstly, we need to consider the nature of the gift. Generally speaking, gifts to customers or suppliers are not allowed [...]
