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Q&A with Shaz - Equity, Education, Expenses and Loans
In this Q&A with Shaz hear the questions people getting started in property want to know about tax and allowances
Shaz shares great information about the best ways to fund education, what you can claim as expenses and the best ways to do this
He also explains how loans to companies work best and the tax implications in this episode packed with useful content
KEY TAKEAWAYS
- If the company is paying a dividend then this can be used to fund education
- You can claim any expenses if they are wholly and exclusively for the business
- New training when you start out in property can’t be claimed but someone who is undertaking continuing professional development can claim for the training costs
- Keep a record of any online training and free training you undertake
- When you loan money to your company it can stay there as long as you want it to, there is no time limit
- If you borrow money from your company you have to pay interest to the company for borrowing the funds
- If the company lends you money you must repay the funds within nine months of the year end or pay tax
- 10% is a reasonable charge for interest on a loan to a company
- You have a personal allowance for each year but if you don’t use it, you lose it.
- The beauty of a limited company is you only pay tax on the money you take out
- If you are a sole trader you will pay tax on everything
- Generally, the best way to take out money is through a low salary and dividends
BEST MOMENTS
‘New skill can’t claim, enhancing a skill you can claim’
‘It can be better to claim at 45pence per mile than claim for fuel costs’
‘If you charge interest and you are a basic rate taxpayer the first thousand is tax free’
VALUABLE RESOURCES
ABOUT THE HOST
Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultations he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.
You can find Shaz on:
View all episodes
By Shaz NawazIn this Q&A with Shaz hear the questions people getting started in property want to know about tax and allowances
Shaz shares great information about the best ways to fund education, what you can claim as expenses and the best ways to do this
He also explains how loans to companies work best and the tax implications in this episode packed with useful content
KEY TAKEAWAYS
- If the company is paying a dividend then this can be used to fund education
- You can claim any expenses if they are wholly and exclusively for the business
- New training when you start out in property can’t be claimed but someone who is undertaking continuing professional development can claim for the training costs
- Keep a record of any online training and free training you undertake
- When you loan money to your company it can stay there as long as you want it to, there is no time limit
- If you borrow money from your company you have to pay interest to the company for borrowing the funds
- If the company lends you money you must repay the funds within nine months of the year end or pay tax
- 10% is a reasonable charge for interest on a loan to a company
- You have a personal allowance for each year but if you don’t use it, you lose it.
- The beauty of a limited company is you only pay tax on the money you take out
- If you are a sole trader you will pay tax on everything
- Generally, the best way to take out money is through a low salary and dividends
BEST MOMENTS
‘New skill can’t claim, enhancing a skill you can claim’
‘It can be better to claim at 45pence per mile than claim for fuel costs’
‘If you charge interest and you are a basic rate taxpayer the first thousand is tax free’
VALUABLE RESOURCES
ABOUT THE HOST
Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultations he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.
You can find Shaz on:
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