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Director’s Loan Accounts: Recording Personal Expenses

Director’s Loan Accounts: Recording Personal Expenses

HMRC commonly find errors in relation to directors’ loan accounts when making routine reviews of company tax returns. This article looks at the importance of maintaining proper records of cash and non-cash transactions between the company and the directors. Directors’ personal...

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Is Tax Payable On Tips?

Is Tax Payable On Tips?

The question of whether tips and gratuities are taxable and subject to National Insurance Contributions (NICs) often results in a lively debate. Broadly, their treatment will depend on how they are paid to the recipient. Cash tips handed to an employee,...

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Rent-a-Room: Can You Benefit?

Rent-a-Room: Can You Benefit?

Rent-a-room relief was introduced to encourage people to let spare rooms in their own home in order to increase the supply of low-cost rental accommodation. In return, the recipient is able to earn up to £7,500 a year tax-free. Plans to...

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Does The Marriage Allowance Apply To You?

Does The Marriage Allowance Apply To You?

The marriage allowance can be beneficial to married couples and civil partners on lower incomes. Claiming the marriage allowance is worth up to £238 in 2018/19 and £250 in 2019/20. Nature of the allowance The marriage allowance allows one spouse of civil...

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