FAQs Categories:
Value Added Tax
Value Added Tax (VAT) is a sales tax that must be charged on the sale of goods and services by all VAT registered businesses making vatable supplies in the UK. If your business has a taxable turnover over £90,000 (as of October 2023), you must register for VAT. Find out all about VAT, VAT rates and whether it applies to you in our latest FAQ.
Tell me more about trivial benefits
There are various tax and national insurance exemptions that target specific types of benefits for employees and Directors. Everything else, however small and in the absence of a more general exemption, would need to be dealt with as a benefit in kind on form P11D. This would be an administrative nightmare for employers so there is an overall exemption for small or ‘trivial’ benefits too.
Working from home
Whilst many Directors use their home for business purposes, several tax issues can be created if your limited company pays for the costs. Check out our handy flyer for more information on working from home.
Tell me more about when I can't take a dividend
You can’t take dividends out of your company if it has insufficient distributable proft. You can pay yourself a salary, but not dividends because dividends by their nature are a distribution of profit. Check out our handy guide for more information on this topic.
We’re always happy to answer any questions you might have, so please get in touch and we’ll get back to you as soon as possible.
