Directors’ loan accounts – Common pitfalls and traps

Directors’ loan accounts – Common pitfalls and traps

HMRC seems to regard directors’ loan accounts (DLAs) as a ‘risk’ area, in which there is the potential for errors. Such is HMRC’s concern that they have produced a ‘Directors’ Loan Account Toolkit’, which provides guidance on the errors that commonly occur. It also includes a checklist to help reduce them (seewww.hmrc.gov.uk/agents/toolkits/dla.pdf). However,toolkits and checklists. Read more

Anne Fairpo discusses CFC reform and IP

Anne Fairpo discusses CFC reform and IP

CFC reform and IP In order to reduce the risk of companies diverting profits overseas without good commercial reason, UK companies are subject to tax on the profits of their ‘controlled foreign companies’.  A controlled foreign company (CFC) is one which is resident outside the UK, controlled by persons resident in the UK – the. Read more

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