This may sound like a silly question, but for income tax purposes there are two types of company, and the main difference is in the way the profits (or losses) are dealt with. Regular company (my description). Unless you elect…
Shareholding changes in small companies
The Companies Office website is great for filing Annual Returns. Things which haven’t changed simply get ticked. And shareholders and directors can make shareholding changes easily too. Bur care is needed before noting shareholding changes. It’s easy to overlook some…
Sale of company business – tax implications
Some time ago I dealt with a case typical of poor business tax planning. I’ve changed the figures and details to preserve confidentiality, but the income tax issue I highlight is real – and common. My clients, a middle aged…