What are Capital Losses
Usually, if you sell an asset for less than you paid, you will make a capital loss. As a general rule, if the support would have been liable to CGT had a gain occurred, then the loss should be an allowable deduction.

 

What are Capital Losses
Usually, if you sell an asset for less than you paid, you will make a capital loss. As a general rule, if the support would have been liable to CGT had a gain occurred, then the loss should be an allowable deduction.

 

The charity Commission published on 24th February, its guidance on the questions in the 2023 annual return, as well as updating the general annual return guidance

The new pension tax reforms that were announced in the recent Spring Budget took effect from 6 April 2023. The old £40,000 cap on annual pension contributions has been increased by 50% to £60,000, with effect from 6 April 2023. Tax relief for contributions to pension schemes is given at a taxpayer’s marginal rate of Income Tax and is subject to the increased underlying limits. Taxpayers will continue to be able to carry forward unused annual allowances the last three tax years if they have made pension savings in those years.

It is possible to make small tax-free payments to employees, including directors, and this might be an appropriate time to make a small tax-free bonus in advance of the annual holidays.

Many director shareholders take a minimum salary and any balance of remuneration as dividends. This tends to reduce NIC, and, in some cases, Income Tax.

Many director shareholders take a minimum salary and any balance of remuneration as dividends. This tends to reduce NIC, and, in some cases, Income Tax.