We are often asked about mitigating the tax on Buy to Let profits for married couples. The basic rule is that the owner of the property pays the tax on the income. For example if the husband owns the property and is a higher rate tax payer then it is not possible for the wife […]
Buy To Let Income For Married Couples Read More »
Just a reminder for employers that the new National Living Wage comes in to force on the 1st April 2016. There is little difference between this and the existing Minimum Wage but it is essentially a premium for workers who are 25 and over. The current minimum wage rates are here: https://www.gov.uk/national-minimum-wage-rates At the moment
New National Living Wage From April 1st 2016 Read More »
2016 is the year where the government has finally seen sense and changed the expenses dispensation regime. Previously if an employee had been reimbursed for a business expense such as a train ticket this should have been reported on a P11d even if there was no tax implication. To avoid this a dispensation could have
Payroll Changes 2016 Read More »
In the Summer Budget in July 2015 the government dropped a bombshell on Landlords. Starting in April 2017 the tax relief on interest and other finance costs on the rental of residential will be reduced dramatically. Along with the increase of 3% on Land and Buildings Transaction Tax this is going to fundamentally change the
Landlord Interest Changes Read More »
Autoenrolment, the word that strikes fear into small business owners across the land. And 2016 is the year that it is going to happen for a huge amount of small businesses in the UK. According to this document https://www.thepensionsregulator.gov.uk/docs/automatic-enrolment-employer-staging-forecast.pdf from a base level of a few thousand businesses staging a quarter last year there are
Autoenrolment – 2016 Is The Year!! Read More »
With the deadline for submitting 2014/15 self assessment returns looming this Friday it seems topical to review the penalties around self assessment. There are penalties for: Not informing HMRC that a self assessment return is necessary (failure to notify) Late submission of a return Late payment of tax The penalties for failure to notify depend
Self Assessment Penalties Read More »
It’s a new year and we are looking past the end of the Tax Return season to help our clients with numerous upcoming tax changes starting after April 6th. Its going to be a busy year as a lot of our clients are due to start autoenrollment pensions as well.: New Dividend Tax Enhanced Employment
The new dividend tax was announced out of the blue in the budget. The key facts of the proposed changes are as follows: From April 2016, the notional 10% tax credit on dividends will be abolished. A £5,000 tax free dividend allowance will be introduced. Dividends above this level will be taxed
We are often asked about the most tax efficient way of extracting funds from Limited Companies for small businesses. There are obviously many variables but a common way of doing it for for owner managers to take a small salary and the rest in dividends. The main advantage of taking a small salary is to
Salary and dividends for small business owners Read More »
We are often asked to advise on remuneration for a Director of a Limited Company. This is a complex area which can be different for everyone, but one area where clients need to be careful is how they take money out of the Company. In practice the actual cash that they receive will be a
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