A husband and wife owned Limited Company trading out of a property that they own personally

Why they approached us

The Limited Company approached us as they had a large overdrawn directors current account in their company and had tax arrears with HMRC which they could not currently afford to pay

How we helped

After discussing how the company was run with the directors, we established that the company would be entitled to make a Research and Development claim to offset against the last two years corporation tax liabilities. We also advised the directors to charge the company rent on their premises and completed a capital allowance claim on these premises.

The results

The reduction in profit resulting from the Research and Development claims wiped out the outstanding corporation tax liabilities due for the company and with careful planning we calculated a bonus to reduce the overdrawn loan account.
We also provided the client with a salary, dividend rental package that significantly reduced their personal tax liabilities.  The capital allowances that we had claimed increased the amount of income which could be withdrawn from the company at the basic rate of tax.

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