Overdrawn director’s loan accounts: A penalty problem
There are statutory time limits for notifying chargeability to various taxes, including the tax charge that can arise when a company director shareholder’s loan account becomes overdrawn. Don’t be late! The general time limit for a company to notify chargeability to tax (where HM Revenue and Customs (HMRC) has not given a notice to file […]
Sale of goodwill: income or capital?
It is common in many occupations and professions (e.g. law, medicine) for individuals to be engaged as self-employed consultants. Some consultants will build up their own practices before eventually selling them. From a tax perspective, the question arises how the practice disposal proceeds should be treated. For example, is it an income or capital receipt? […]