GET READY FOR THE “OFF-PAYROLL” WORKING RULES”

Where large or medium-sized organisations are paying workers via personal service companies or agencies they will need to operate new procedures from 6 April 2020. The new rules will apply to partnerships, LLPs and larger charities as well as limited companies. Only those organisations that would be classed as “small” under the Companies Act criteria [...]

By | 2019-10-09T12:22:47+00:00 October 9th, 2019|latest-news|0 Comments

MINIMISE THE HIGH INCOME CHILD BENEFIT CHARGE

The substantial increase in the higher rate threshold to £50,000 is good news for many taxpayers. However, that same figure is the point at which child benefit starts being clawed back and there has been no increase in that threshold since the High Income Child Benefit Charge was introduced in 2013/14. The charge applies if [...]

By | 2019-06-10T07:40:13+00:00 June 10th, 2019|latest-news|Comments Off on MINIMISE THE HIGH INCOME CHILD BENEFIT CHARGE

Taxation of Dividend Payments in 2019/20

Traditional advice would then be to extract any additional profits from the company in the form of dividends. Where dividends fall within the basic rate band (now £37,500) the rate continues to be 7.5% after the £2,000 dividend allowance has been used. Thus where husband and wife are 50:50 shareholders they would each pay £2,663 [...]

By | 2019-05-07T12:09:42+00:00 May 7th, 2019|latest-news|Comments Off on Taxation of Dividend Payments in 2019/20

EXTRACTING PROFIT FROM THE FAMILY COMPANY

The start of the new tax year means that shareholder/ directors may want to review the salary and dividend mix for 2019/20. The £3,000 employment allowance continues to be available to set against the employers national insurance contribution (NIC) liability which means that where the company has not used this allowance it may be [...]

By | 2019-05-02T09:05:24+00:00 May 2nd, 2019|latest-news|Comments Off on EXTRACTING PROFIT FROM THE FAMILY COMPANY

April Tax News

NO TAX CHANGES ANNOUNCED IN SPRING STATEMENT Despite the continuing uncertainty surrounding Brexit the Chancellor delivered his Spring Statement on 13 March. The purpose of this statement is to update the House of Commons and the country on the state of the economy; it is not intended to include any major tax announcements, and none [...]

By | 2019-04-28T14:35:10+00:00 April 28th, 2019|latest-news|Comments Off on April Tax News

Making Tax Digital for Business: VAT

Making Tax Digital for Business: VAT HMRC is phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. In 2017, HMRC announced the postponement of MTD for income tax until ‘2020 at the earliest’. MTD for VAT will be implemented in April [...]

By | 2018-11-08T12:37:31+00:00 November 8th, 2018|latest-news|Comments Off on Making Tax Digital for Business: VAT

INHERITANCE TAX RELIEF

For deaths on or after 6 April 2017 there is now an additional £100,000 inheritance tax (IHT) allowance where the family home is passed on to direct descendants. This was originally announced on 8 July 2015 and that date is relevant where the deceased has downsized to a lower value property. This additional relief increases [...]

By | 2017-05-08T21:01:12+00:00 May 8th, 2017|latest-news|Comments Off on INHERITANCE TAX RELIEF

SELF-EMPLOYED OR STARTING A MICRO BUSINESS?

SELF-EMPLOYED OR STARTING A MICRO BUSINESS? Did you know that almost one in seven people in the UK are self-employed? You might also classify self-employment as "freelance work". UK research suggests that 30% of those who work in the media call themselves "freelance". Research by Skills Development Scotland noted that the creative sector is [...]

By | 2017-04-25T07:07:04+00:00 August 10th, 2016|latest-news|Comments Off on SELF-EMPLOYED OR STARTING A MICRO BUSINESS?

Tax News

Welcome to our monthly newswire. We hope you enjoy reading this newsletter and find it useful. BREXIT – WHAT ARE THE TAX IMPLICATIONS? One of the main reasons that individuals voted "leave" was to restore fiscal sovereignty to the UK so that we are able to set our own laws, in particular [...]

By | 2017-04-25T06:06:29+00:00 July 31st, 2016|latest-news|Comments Off on Tax News
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