BBEN Business Accounting Information Advice For London SME Businesses SUCCESS!

BBEN Business Accounting Information Advice For London SME Businesses SUCCESS!

 

1. How To Avoid The New Tax On Partnership Loans

 

Back in the mists of time, a ‘tax planning’ idea gained momentum. It enabled employers to make loans to their employees through employee benefit trusts in place of a salary, and this avoided or delayed the payment of PAYE tax and national insurance contributions. Important item for businesses operations and accounting.


2. Potential Complications For Partnerships In Future

Although there are some cases were the application of these new rules will be clear cut, there are also instances where an unexpected tax charge might apply.

The following examples to not and highlight situations where an unexpected tax charge is likely to apply:

A partner withdraws cash from a partnership as part of his monthly drawings which are in excess of the profits allocated to him to date. Although the drawings may subsequently be cleared by taxable profit allocations, there are exceptions, and these will trigger a tax liability.


3. Set The Groundwork For Next Year Now

If you don’t want to face the same problems and issues next year with accounting and tax payments, take steps now to prevent them.

Collect all of your paperwork for the current tax year (which ends on April 5th 2017) and buy a box file to keep important documents such as interest certificates from your bank, dividend vouchers showing money received on shares, and so forth.

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