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Directors' Tax Saving - The Indispensable How To Guide

A Handy Guide about... 

In a nutshell

This straightforward guide explains how to take care of your tax issues as a director efficiently and correctly. Always with one clear goal in mind: to save you money. Whether it's to file your VAT return online or claim a corporation tax deduction, this book will show you the correct way to do it.

In detail

Running your own company means getting involved in a wide range of tax issues. You need to be up to speed with the current tax rules and be able to put them into practice. This book will help you handle day-to-day and more complex tax procedures. It explains how to:

  • Make the best use of HMRC's many online services
  • Claim tax reliefs in the right way and at the right time
  • Enter information correctly on your personal and business tax returns
  • Make various tax-saving elections

Plus, we've included a stack of ready-to-use elections and draft letters to speed up the process and slash your tax bill even further.

We've created this Handy Guide especially for... 

Company directors that want to:

  • Handle their tax affairs in an efficient and legally secure way
  • Pay less tax

Tax advisors that want to:

  • Help their clients handle their tax affairs in the most advantageous ways

You'll get the following free extras with this Handy Guide... 

An Online Service with ready-to-use documents

  • To immediately apply our advice and solutions in practice
  • That you can easily adapt to suit your own requirements

In this Handy Guide you'll read about...

Table of contents

Introduction

I. HMRC online services

1. How to sign up to HMRC online services for the first time

2. How to obtain a new activation code for HMRC’s online services

3. How to add a new HMRC online service to your company’s registration

4. How to sign up and use HMRC’s Business Tax Account

5. How to merge HMRC services on to a single Business Tax Account

II. Dividends, salary, benefits and
employment expenses

6. How to pay a director’s bonus

7. How to claim a tax deduction for business expenses

8. How to elect for the alternative method of calculation of a beneficial loan

9. How to create a salary sacrifice arrangement

10. How to keep a mileage record

11. How to pay an interim dividend

12. How to pay a final dividend

13. How to waive a dividend

14. How to report a beneficial loan for directors and employees

III. PAYE and payroll and
construction industry schemes

15. How to register your company as an employer for PAYE

16. How to register as a CIS contractor

17. How to set up PAYE basic tools

18. How to set up a new employee without a P45

19. How to set up a new employee with a P45

20. How to make an RTI report without an NI number

21. How to make PAYE, CIS and NI deductions

22. How to pay HMRC advisory benchmark allowances for UK subsistence

23. How to pay scale rate expenses for overseas travel and subsistence

24. How to pay personal incidental overnight expenses relating to business travel

25. How to make a tax and NI-free advance of expenses

26. How to pay HMRC’s approved flat rate use-of-home allowance

27. How to report expenses and benefits for directors and Pay Class 1A NI

28. How to reclaim overpaid NI

29. How to apply the annual earnings period for directors

IV. VAT

30. How to register for VAT online

31. How to register for VAT offline

32. How to update your company’s VAT records with HMRC

33. How to change your company’s VAT status

34. How to apply for group VAT registration

35. How to apply for divisional VAT registration

36. How to opt to use the VAT flat rate scheme

37. How to opt out of the VAT flat rate scheme

38. How to opt to use the VAT cash accounting scheme

39. How to use a VAT retail scheme

40. How to opt to use the VAT annual accounting scheme

41. How to opt to use a special method for VAT partial exemption

42. How to opt to tax a property
(elect to waive exemption from VAT)

43. How to withdraw the option to tax

44. How to use the VAT flat rate fuel charge

V. Corporation tax

45. How to register a company with HMRC

46. How to notify HMRC that your company is dormant

47. How to notify HMRC that your company is active

48. How to file company accounts with HMRC

49. How to amend a corporation tax return

50. How to claim trading losses against trading income of later years

51. How to claim pre-incorporation losses against company income

52. How to claim a deduction for pre-trading expenses

53. How to claim trading losses against current year’s income

54. How to claim trading losses against total income of earlier years

55. How to claim losses when a business ceases - terminal loss relief

56. How to claim group relief for losses

VI. Capital allowances

57. How to make a short-life asset election

58. How to claim the annual investment allowance (AIA)

59. How to elect for capital allowances on equipment fixed to buildings

60. How to elect to use tax written down values on transfer of a business

VII. Directors’ personal tax

61. How to register for self-assessment as a director

62. How to amend your tax code

63. How to claim higher rate relief for pension contributions

64. How to reduce your self- assessment payments on account

65. How to claim an income tax refund

66. How to claim tax relief for homeworking expenses

67. How to claim interest on a business loan

68. How to defer Class 1 NI contributions

69. How to use unused pensions tax allowance from earlier years

70. How to declare and pay a pensions annual allowance charge

71. How to elect to be taxed on joint income

72. How to claim enterprise investment scheme (EIS) relief

73. How to carry back tax relief for the EIS

74. How to claim seed enterprise investment scheme (SEIS) relief

75. How to carry back tax relief for the SEIS

VIII. Buying and selling a business

76. How to claim entrepreneurs’ relief

77. How to claim negligible value CGT relief for your company’s shares

78. How to claim income tax relief for a capital loss

79. How to elect for entrepreneurs’ relief to apply to qualifying corporate bonds

80. How to defer (holdover) a capital gain on the transfer of shares in a company

81. How to roll over a capital gain following the sale of business assets

IX. Other claims and procedures

82. How to create a loan agreement with a director

83. How to challenge an HMRC assessment ruling or decision for direct tax

84. How to challenge an HMRC assessment ruling or decision for indirect tax

85. How to complain about HMRC’s services

86. How to obtain clearance for a transaction from HMRC

87. How to postpone payment of tax relating to an HMRC assessment or decision

88. How to pay tax bills without a payslip

89. How to apply to use HMRC’s alternative dispute resolution (ADR) process

90. How to appeal to the First-tier Tribunal

X. Appendices

2. Annual allowance charge

3. Carry back terminal trading loss relief claim

4. Carry back trading loss relief claim

5. Claim for interest relief

6. Dividend checklist and documents pack

7. Dividend waiver

11. Letter to notify hmrc company is dormant

12. Loan agreement

13. Mileage record

14. Negligible value claim

15. Pre-incorporpoation loss relief claim

16. Salary sacrifice form

17. Salary sacrifice policy

18. Short-life asset election

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