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January 2009

  • Overdrawn Directors Loan Account

    Newsletter issue - January 09. If you borrow funds from your own company or get it to pay personal bills on your behalf, there could be additional tax bills for both you and the company unless you repay that money to the company quickly. Personal Tax Where the amount you owe to the company exceeds…More

  • Will you be taxed on your Keyman Policy?

    Newsletter issue - January 09. Many small businesses take out keyman insurance policies designed to pay out on the death or incapacity of a key member of the team, such as a lead director. The premiums paid for such insurance policies are only tax deductible as a business expense if all of the following conditions…More

  • Losses and Falling Sales

    Newsletter issue - January 09. If your sales have dropped and costs have risen, you may be making a loss. This is not a disaster, but you should take action soon to get the best out of the tax system at this difficult time. VAT Where your turnover for the last 12 months has dropped…More

  • Planning January 31 Tax Payments

    Newsletter issue - January 09. Remember remember 31 January, because that's when your biggest tax payment is due, particularly if you are self-employed. You will need to pay any balance of tax due for 2007/08 by that date, and at the same time make the first payment on account for the tax due for 2008/09.…More

  • January Question and Answer Corner

    Newsletter issue - January 09. Q. Last year my friend's company; MC Ltd was having cash flow difficulties, so my company; IQ Ltd paid some the outstanding debts with MC's suppliers. The amount paid was recorded as a debt between our companies. When looking at the books of IQ Ltd the VAT inspector told me…More

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