If you need to borrow money from your limited company, you can do so with an interest-free, or low-interest Director’s Loan. So long as the company isn’t in financial difficulty, shareholders have offered approval, and the board have agreed on the terms, a director’s loan can be a very cost effective way of borrowing money. However, there are two common pitfalls you’ll want to avoid: paying additional Corporation Tax and Benefit in Kind Tax. 
In the Autumn Statement 2016 Philip Hammond announced some proposed changes in relation to how public sector contractors work within IR35. These changes have been confirmed in the Spring Budget 2017 and will come into effect from April 2017. 
On 8th March 2017, Philip Hammond delivered the much anticipated Spring Budget 2017, outlining tax and welfare reforms, as well as changes to public service spending. This is the last Spring Budget as all future Budgets will take place in the Autumn. 
During the Autumn Statement 2016 on 23 November 2016, an announcement was made by the Chancellor to change how the VAT Flat Rate Scheme is used by a many small businesses. There had been no hints or whispers of such changes, so this came as a shock to us accountants and tax advisers I can tell you! 
Several clients have contacted us recently about emails and/or text messages they have received about tax refunds. 
Pension auto-enrolment was introduced as part of the Pensions Act 2008, amid growing concerns that the population in general was neglecting opportunities to make payments towards state, private, and employer pensions. 
 
In October 2012, auto-enrolment into a workplace pension scheme became mandatory for large companies in the UK. All employees in the UK between the ages of 22 and state pension age will be eligible for the scheme, so long as they earn above the £10,000 income threshold. By 2018, companies of all sizes (as small as 1 director and 1 employee) will be included in the scope of the legislation. So what does this mean for limited companies? 
A limited company is a separate legal entity and must have an official “registered office address”. This address is publicly available on the Companies House website. In fact, if you Google your company name, you will find that one of the top results will take you to a company search page showing the registered office address, director’s names and several other details. 
Contractors in the UK are allowed to claim back travel expenses, so long as these are incurred while travelling to and from a ‘temporary workplace’. A workplace is deemed temporary so long as the contractor is not travelling to the same site for a period of 24 months or longer. Beyond this point, contractors cannot claim back travel expenses. This period is known as the 24 Month Rule and is something all contractors should be aware of. 
At first glance, a company car may appear to be a fantastic perk, but once employees start looking at the emissions based company car tax they’ll have to pay, the luxury of having one may begin to seem like a reluctant or unnecessary expense. And once we consider the National Insurance costs to the employer and the delay in claiming deductions for depreciation, such as capital allowances, it becomes clear that a company car is unlikely to be tax efficient from either side. But what about a company motorcycle? 
In our recent article explaining the recent changes to contractors’ claims for tax relief on travel and subsistence, we briefly covered what is meant by “supervision, direction, and control” as a test to distinguish ‘false self-employment’. There hasn’t been a great deal of guidance provided by HMRC, but using the Employment Status Manual, we hope to provide a little clarity on what the new rules mean for UK contractors.