Deciding on whether it would be beneficial for a property investor to use a Limited Company can be quite complicated.
A lot will depend on your personal circumstances but also on what type of property business you are engaged in. For example if you buy property to renovate and then sell on at a profit you, [...]
As from 1st of October 2007 there were changes made to what information you need to include on a VAT invoice. If you don’t comply then HM Revenue and Customs can hit you with pretty massive fines.
Although fines are unlikely to be levied for non compliance in the first year, business owners cannot be complacent. [...]
COMPANY CAR:
If you have a company car which you can also use for private use then as from 1st July 2008 the following rates apply for reimbursement of fuel costs for business mileage:
Engine Size
Petrol
Diesel
LPG
1400cc or less
12p (11p)
13p (11p)
7p ( 7p)
1401cc to 2000cc
15p (13p)
13p (11p)
9p ( 8p)
Over 2000cc
21p (19p)
17p (14p)
13p (11p)
PRIVATE CAR:
If you use your [...]
The so called IR35 Legislation came into force in the UK in April 2000. It seeks to tax freelance workers providing services via their own limited company. Its stated aim was to prevent employees setting up a limited company and performing their duties through that company with the resulting tax advantage.
Generally it is more efficient [...]
Accountants come in all shapes and sizes, both good and bad. To many people they are a necessary evil but a good accountant can add value to your business and help you sleep at night. But how do you find the right one for you?
The first step is to accept that you need an accountant. [...]
Corporation tax is the tax paid by companies on their profits. Unincorporated organisations (such as clubs and societies) also pay corporation tax, if they have taxable income.
Partners in both traditional and limited liability partnerships and sole traders pay income tax instead.
Companies are taxed on the profits made in an accounting period - normally their financial [...]