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Compilation Set A - Small Companies

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Tax Planning for Small Companies

This guide concentrates on the tax issues facing the advisor to the smaller limited company with turnover of up to circa £1m.  In particular it covers the impact of the new corporation tax rates currently being introduced, minimising national insurance contributions, the issue of salary -v- dividend, motor cars, pension arrangements, incorporation, share structures and disincorporation.  The interation between the tax affairs of the company and its owner managers is explained throughout and recent changes in respect of restrictions on the payment of certain close company dividends are reviewed, together with a number of other tax planning opportunities for shareholder directors in small private limited companies.

Payment of Private Company Dividends
It has been suggested a dividend without the correct supporting minutes etc will not only be in breach of the Companies Acts but also unacceptable to HM Revenue and therefore it is essential dividend paperwork is correctly dealt with.  This position is likely to be more relevant following the taxpayers success in the Arctic Systems case with HM Revenue considering alternative ways in which to challenge dividend payments.  The guide sets out in detail Companies Act requirements to be followed, including the impact of Companies Act 2006.  It also considers the implications of illegal dividends (including recent case law), alternative methods of payment, e.g. cheque, loan accounts, the distinction between interim and final dividends, plus includes example minutes, dividend waiver form and mandates for both cash and in specie dividends.  It also considers situations where HM Revenue may contend dividends should be taxed as remuneration and subject to PAYE tax and National Insurance contributions including commentary on the recent cases of P A Holdings Limited and Uniplex (UK) Limited.


Author: DTE Tax

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