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Monthly Archives: August 2017

Self employed taxed on profits not drawings

We are often asked by self-employed clients to explain why their tax bills are high in proportion to the amount they withdraw from their business as “wages”. In truth, the self-employed do not take a wage, this would imply that … Continue reading

Posted in Business

Pension scams

The government has proposed a wide-ranging ban to prevent pension scams. The consultation listed the sorts of phone conversations that the government intends to fall within the scope of the ban. These included: offers of a ‘free pension review’, or … Continue reading

Posted in Business

Where is my profit, it is not in the bank

This is a question we are regularly asked by clients. Usually, the conversation is triggered when we discuss the end of year accounts. Before we explain why profits are not always represented by cash in the bank, we need to … Continue reading

Posted in Business

Rent a room at home tax free

On the face of it, the rent-a-room relief is straight forward: if your gross rents from letting are not more than £7,500 in the current tax year, there is nothing you need to do, this income is free of tax; … Continue reading

Posted in Business

Involving children in your business

Whilst it is possible to involve your children in your business, this is a strategy that should be approached with caution. Giving shares in your company to minor children is perfectly possible, but any dividends that you pay to under … Continue reading

Posted in Business