The business tax account (BTA) has the potential to be extremely useful online facility for employers, as it should enable the employer see what they have paid as PAYE, and what is owning, as well as any PAYE-related penalties or charges. The BTA isn’t generally open for the employer’s tax agent to view, although there is a pilot ongoing which allows tax agents to view their clients’ BTAs.
News & Updates
Director’s Loan Account
Ventura UK Ltd was a typical small company owned by four director/ shareholders in equal parts. One of the directors (B) lent the company around £240,000 at some point before April 2010.
Tax on Dividends
Directors and shareholders of micro-companies generally take significant dividends from their companies. In past tax years the practice has been to take a dividend payment sufficient to cover the taxpayer’s basic rate band, as before 6 April 2016 dividend income lying within the basic rate band attracted no further tax.
VAT and care homes
Care homes in the UK are largely run as private business. Where a building is constructed solely to be used as a residential care home, the first sale of that building should be zero rated for VAT. However, the first sale of a hospital building is subject to standard rate VAT.
August News & Updates
Welcome to our monthly newswire. We hope you enjoy reading this newsletter and find it useful.
August 2017 Tax E-News
Welcome to our monthly newswire. We hope you find this newsletter useful. Please contact us if you would like to discuss any matters further.