Sinclair Day

November 2, 2017

Unpaid director’s salary taxable or not?

A recent First-Tier Tribunal case examined whether amounts credited to a director’s loan account were subject to PAYE and NIC deductions. The appellant company, buys and sells boats. One of the directors, who is also the chairman of the company, had
November 2, 2017

CGT payable on sale of personal possessions

There are special rules concerning the payment of Capital Gains Tax (CGT) on the sale of personal possessions also known as 'chattels'. Personal possessions are generally defined as possessions with a predictable useful life of 50 years or less and
November 2, 2017

Are your earnings approaching £100,000?

For high earning taxpayers the personal income tax allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. Adjusted net income is total taxable income before any personal allowances, less certain
November 2, 2017

Change to tax relief on re-mortgaged buy-to-let property?

HMRC’s guidance on paying income tax when you rent out a property has been updated to reflect the new restriction on tax relief for finance charges incurred since April 2017. The tax relief on finance costs (such as mortgage interest) used to buy