News

HMRC Preferred Creditor AABRS

Will HMRC become a preferential creditor once again under their new proposed bank raiding powers?

The insolvency regime changed in 2002 under the Enterprise Act, when HMRC removed their right as a preferential creditor in the pecking order and ranked alongside unsecured creditors. Under the …

Dividend Tax Rules AABRS

The New Dividend Tax Rules

As of April 2016, the dividend tax rules changed. The notional 10 percent tax credit on dividends was abolished, and replaced with a £5,000 tax free dividend allowance. But is …

PLN Notices AABRS

PLN Notices – When can Directors be Personally Liable for Company Debt?

One of the primary reasons people choose to turn their company from a sole proprietorship or partnership into a limited company (ltd) is the extra protection this type of corporate …

Music Tax Scheme AABRS

Music Tax Scheme goes wrong, leaves members with large tax bill

A recent tax tribunal found that a tax scheme that had been set up in the music industry through a company called ‘Icebreaker’ was deemed to have been set up …

Entrepreneurs Relief AABRS

Benefitting from Entrepreneurs’ Relief in a Members Voluntary Liquidation

If you have been lucky enough to run a successful company and build up a sizeable pot of cash that you wish to take out of the company, you will …

Directors' Loan Account AABRS

Director’s Loan Accounts and Ultra Vires Dividends

One of the main benefits associated with becoming a private limited company is the ability to take money out of the company in a more tax efficient way. While the …

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