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Contractors: Should I take more or less salary Vs dividend in 2018-19?

by ClearwaysAccountants | Jun 28, 2018 | Business tax, Contractor, Personal tax, Tax Tips

With changes in the personal allowance, basic rate band, NI threshold and dividend allowance, it is easy to lose track of whether a director working in their own service company would be better paying a larger salary compared to small salary and dividend. Let’s...

Rental Property Income – Mortgage Interest change and how it will impact on you…

by ClearwaysAccountants | Mar 7, 2018 | Landlords, Pay, Expenses & Benefits, Tax planning, Tax Tips

Taxation of rental property income From 6 April 2017 mortgage interest is no longer fully deductible as an expense against property income. Gradually over the next four years the amount of interest deducted against income is reducing and instead relief is obtained at...

European business expenses: Can I claim back the VAT?

by ClearwaysAccountants | Jan 10, 2018 | Contractor, Pay, Expenses & Benefits, Tax Tips, VAT

When you incur VAT on European business expenses you cannot reclaim the VAT through your UK VAT return. So what can you do? If you meet the requirements you may be to reclaim the EU VAT through the UK VAT portal. Those conditions are: You must be VAT registered in the...

Contractors: How much tax will you pay on interest income?

by ClearwaysAccountants | Jun 14, 2017 | Contractor, Personal tax, Small business advice, Tax planning, Tax Tips

Tax planning with interest income The taxation of interest income is getting very complicated with both a Savings Starting Rate Band (“SSRB”) and a Personal Savings Allowance but this complication also bring opportunities.  So how is interest taxed at the...

Residential property business – what is the best trading option?

by ClearwaysAccountants | May 24, 2017 | Contractor, Tax Tips

Should you operate your residential property business through a limited company? Until recently there was little incentive to own a buy-to-let property through a limited company, however the new restrictions on interest start to bite in 2017-18 with their full force...

Setting up a Business – Creating a limited company

by ClearwaysAccountants | Nov 16, 2016 | Business tax, Contractor, Setting up a Business, Small business advice, Tax Tips

When setting up a business you have several options on what trading structure you use. See our blog on being a sole trader. Here we look at setting up a limited company and what you need to consider. Another option apart from setting up as self employed (as a sole...
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