Taxatin - A Few Tips
A few Tips
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Company Loan
Saturday, 02 October 2010If the company lends, interest free, for example 10.000 GBP to a shareholder, with a commitment to repay it and the shareholder cannot repay it, it will then become taxable based on the value of the notional interest (ex 6.25%), and not the loan itself. Calculation (on a 7 months loan from October to April): Tax due: 10.000 x 6.25% = 365 GBP 365 x (7/12) = 146 146 x 40% (higher tax rate) = 58...
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Expatriate Tax Exemptions
Saturday, 02 October 2010The Inland Revenue has set up very attractive tax schemes for Expatriates. An expatriate in the UK could save on tax on a few items. The most interesting ones are: Housing. Provided That the assignment is set up correctly That the relevant party pays for the rent And that all other criteria are met Then the housing and related costs become tax free. Days outside the UK Provided That...
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How to Save Tax on your Housing
Saturday, 02 October 2010Premium leases are a very tax efficient way for a company to pay for executive housing. The concept of a premium lease is that a company leases rather than rents a property from the owner. Therefore ...
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IPODS
Saturday, 02 October 2010Since the Inland Revenue has launched a new service enabling you to listen to HMRC advice downloaded on a MP3 player, there is now a reason to have companies purchase IPODs. It will need to be for bu...
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VAT
Saturday, 02 October 2010VAT is recoverable even if paid before registration. Time limit can go back to 36 months – using a voluntary declaration on relevant items.
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