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Mitigating the CT rate hike on company gains
Your company made a capital gain in November 2022 when the corporation tax (CT) rate was 19%. But, as the gain falls in its financial year to 30 September 2023 will part of it be taxable at the 25% rate which applies to profits from 1 April 2023?
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Is pension advice tax free?
Some of your company’s directors are considering retiring in the next few years and each wants advice about funding their pensions. Can the company pay for the advice and treat it as a tax-free benefit in kind?
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Avoid a PAYE trap for end of year bonuses
Your company’s financial year ends soon. It’s been a good year for the business and the directors and staff are to be paid bonuses. The amounts have been decided but payments won’t be made for several months. When is the PAYE tax and NI due?
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Will a time-to-pay agreement help?
A new penalty regime for late VAT payments started on 1 January 2023. Can you avoid a penalty by agreeing a time-to-pay (TTP) arrangement with HMRC and what happens if you break the agreement?
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Problems with paying workers in cash
You hired a couple of individuals to tidy and clear part of your premises. They’ve completed the job and asked to be paid in cash. The receipt they gave was hand written on a scrap of paper. Might this cause trouble with HMRC?
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Closing a company - last ditch tax planning
You and the other shareholders are closing down a company that’s no longer needed. You’ll each make a substantial capital gain when its funds are distributed. How can you reduce the resulting tax bills?
