Kate Levitt – Minerva Accountants Bristol and Somerset

June 3, 2024June 4, 2024

Tax Tip

With the increases in corporation tax and the reduction in national insurance rates there are fewer tax incentives to become a limited company.

However there are other reasons for becoming a limited company:
• To appear bigger
• Required by a customer or other for commercial reasons
• Limited liability
• Reasons to remain a sole trader
• Simplicity
• Privacy (your accounts are not in the public domain)
• May be more tax efficient if you have expensive taste in company cars

Obviously we can do some detailed calculations for you

December 11, 2023December 10, 2023

Tax Tip – Research and Development Tax Credits

The criteria for these have recently been tightened up but they are still available for those conducting original research and product development.

September 4, 2023August 28, 2023

Tax tip

Paperwork (or the digital equivalent) is important

If you are running a limited company it is important that you don’t take any money out of the business without the correct paper trail. The company is a separate legal entity from the director/shareholder. It’s a bit like taking money out of your mother’s purse without permission.

The sort of paperwork you would need is:
– Salary needs a payslip
– Dividends need a minute and a tax voucher (contact us if you need a template)
– Interest payments (if appropriate) need a form CT61 filed with HMRC
– Expenses should be accompanied by receipts and a mileage log
– Pension payments should be paid directly to the pension provider