The Shrewsbury Accountant, Nigel, has posted the TaxAssist Accountant’s news for small business

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Welcome to the March edition of News for Small Business.

With March being a popular year end for small companies, we’re taking a closer look at the consequences of withdrawing money from a personal company and how to do so as tax efficiently as possible. Unlike sole trades or partnerships where withdrawing money is relatively simple, there are far more considerations for limited companies, including the impact of an overdrawn director’s loan account.

We also have good news to report; this month the government announced a cut in red tape and an additional £1bn being made available to small businesses via the Regional Growth Fund. Read our articles below to find out more…

 

Small firms now able to bid for £1bn RGF money
Deputy prime minister Nick Clegg believes it will help create or protect 330,000 jobs… read more

Govt announces further red tape cuts to help small businesses
Around £4.17 million of red tape will be cut between January and June 2012… read more

HMRC set to issue 850,000 tax return penalties
Around 850,000 tax return penalties are set to be issued by HMRC… read more

HMRC extends deadline for appeals against late tax returns
The department will now consider appeals until March 31st, not the usual 30 days after a penalty is issued… read more

Directors’ Loan Accounts Explained

 

March is a popular year end for small companies to opt for because it falls in line with the tax year. Therefore, this time of the year sees directors and shareholders undertaking a pre-year end review and high on the agenda, is often how to deal with the dreaded overdrawn director’s loan account.

Taking money from the business for personal use when trading as a sole trade or partnership is fairly painless and unless proprietors’ drawings are a major drain on the business’ assets, there are generally no tax implications.

A company on the other hand is a separate legal entity, and therefore, making withdrawals from a personal company requires far more consideration……read more

 

March 2012

ABOUT US

TaxAssist Accountants are the largest network of accountants who focus their accountancy skills specifically on small businesses and taxpayers in the UK.

OUR SERVICES

WHO WE HELP

As a network we look after over 40,000 clients including.

Sole Traders
Partnerships
Limited Companies
Start up Business

Over 200 TaxAssist Accountants are located across the UK offering local accountancy services to small business owners.

NEWS

For more news affecting small businesses, please click below:

Tax News
Tax Tips
Questions & Answers

CONTACT US

01743 366669
FREE INITIAL CONSULTATION

Nigel Lomax
TaxAssist Accountants
1 Sundorne Avenue
Shrewsbury
Shropshire

SY1 4JW

  www.taxassist.co.uk/nigellomax/      

 

DISCLAIMER: Advice shared in this newsletter is intended to inform rather than advise. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this newsletter, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

 

01743 366669
FREE INITIAL CONSULTATION
©2012 TaxAssist Accountants. All Rights Reserved.

 

 

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