When you cash in a life insurance bond or certain investment policies, you might face something called a “chargeable event gain.” This is the profit built up inside the policy, which HMRC treats as income in the year you cash it in. The problem? The whole gain is added to your income for that year,
Category Archives: Corporation Tax
I was recently asked a really good question by a client. This husband and wife couple had been running their company together for many years. The husband started the business, and over time his wife became more and more involved, eventually taking on the admin and day-to-day running. At the start, some alphabet shares were
If I were to create a hit list of questions asked by clients, the one that would be in our top 3 would be around company cars and company car tax implications. A company car is often seen as a desirable perk — but in reality, whether it’s a good idea depends on who you
Over the years, many of us end up with several pensions from different jobs — some large, some small, and sometimes a bit forgotten about until retirement looms. When it comes time to draw from them, one question comes up again and again: “Can I take the whole thing tax-free?” The rules around pensions can
Why it matters Setting up as a sole trader or limited company director isn’t just a bureaucratic choice—it’s a strategic decision that affects your taxes, your rights, and your long‑term goals. Whether you’re nearing £50K income and facing MTD ITSA, or edging over £100K and losing your personal allowance, this clear breakdown will help you
At DNA Accountants, we’ve seen a worrying pattern lately: clients who were encouraged by so-called Research & Development (R&D) “specialist” firms to make claims they never should have submitted. The result? HMRC is now knocking on the door, asking for the money back – and in some cases, charging penalties on top. R&D tax relief
If you run a limited company, one of the biggest perks is the flexibility in how you pay yourself. But with that flexibility comes confusion. Should you take a salary, dividends… or a bit of both? And what’s this “director’s loan account” everyone keeps talking about? Let’s break it down in plain English (with no
If you’re a business owner, choosing between buying or leasing a van can feel like a big decision. In this guide, we break down the pros, cons, and tax advantages of buying or leasing a van, so you can make a choice that suits your business needs and budget. What’s the Difference When Buying or
If you run a limited company, you might assume all shares are created equal. But that doesn’t have to be the case — and in many small businesses, it shouldn’t be. Creating different types of shares, known as alphabet shares (like A shares, B shares, C shares etc), can offer you flexibility, control, and some
Year-end tax planning for limited companies is all about making the most of reliefs and allowances before the clock runs out. If your company’s financial year-end is on the horizon, now’s the perfect time to review your finances and make sure you’re not missing any golden opportunities to save tax. From pension contributions to equipment