Director’s Loan Accounts: No Turning Back!

Many company owners have director’s loan accounts (DLAs), and generally understand how they operate. However, there are pitfalls for the unwary. These can sometimes result in tax and National Insurance contributions (NICs) liabilities for the company and/or themselves. For example, an overdrawn DLA can give rise to a tax charge for a closely-controlled company under […]

Spouses’ Wages – Legitimate Expense Or Tax Dodge?

A common element in the accounts of many self-employed individuals (and partnerships) is a deduction for the wages of family members, particularly a spouse (or civil partner). For example, in over 30 years as a tax practitioner I have seen countless claims for ‘wife’s wages’. Most claims for deductions of this nature are valid and […]