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Stay informed with the latest updates
Our News page is updated daily and the news feed is supplied by Sift media who are well respected writers in the industry. If you are interested in new laws, guidance and reports on anything that is happening in Government that could affect your business, these posts -will be useful. You can also sign up to receive them in your inbox.
What is a Confirmation Statement?
A Confirmation Statement is a document that Limited Companies must file at Companies House each year – generally online using the ‘authentication code’. It replaced the old Annual Return in 2016. It confirms if the statutory information is the same, or if there are...
Can I give my house to my children to save IHT and avoid nursing home costs?
There are potential problems – so do speak to a financial advisor. Inheritance Tax (IHT) Genuinely giving the house to your children, or selling it and giving them the cash, means that if you live on for 7 years, it will not be counted as part of your Estate for IHT....
Tax Relief on Pensions
There are a few issues that we regularly see around the subject of tax on pensions: Employees earning over £50,270 (the Higher Rate Tax threshold for 2022/23), sometimes think they will automatically obtain tax relief on their contributions when they pay into a...
Tax on overseas income
If you are working overseas and pay tax there, you can usually claim what is called a Foreign Tax Credit. The UK has an agreement with nearly every country in the world, so when you pay tax overseas you can enter it in your...
National Insurance – the forgotten tax
National Insurance (NI) is one of the most important, overlooked, taxes for most working people. In context, for an employee earning between £12,500 and £50,000 per year, for every extra £1 they receive in net pay, the Treasury receives 67.35p (29.41p in Income Tax...
What income is tax free?
Over the last year or two, and partly to remove some taxpayers from the Tax Return system (because they cost more for HMRC to administer than they pay in tax), certain types of income are not taxable up to a certain level. ...
The Budget
Back on 11th March 2020, we had Rishi Sunak’s first budget. The tax changes were soon overshadowed by the Coronavirus pandemic and the Government measures used to support employees and businesses. Below i have explained some of these tax changes: Delay of IR35 in the...
HMRC is a preferred creditor when businesses go bankrupt!
From April 2020, 4 taxes became preferred and high ranking trade creditors in any business going into liquidation. They are; Income Tax, VAT, CIS schemes and Employees’ National Insurance. It used to be...
The Bounce Back Loan
On Monday 5th May 2020, the Government launched a new type of loan to help small, UK-based businesses, which have been affected by the coronavirus pandemic, and who are not an ‘undertaking in difficulty’ (which seems to mean you need to have a positive balance sheet),...
How does paying dividends reduce my Company’s tax bill?
It doesn’t. A Company pays Corporation Tax on its profits before dividends are paid out. Consequently, shareholders are treated as having already paid tax on their dividends (called a ‘tax credit’). A shareholder who is paying Higher Rate Tax will have the dividends...
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