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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.
Can I pay my wife “wages” to save my business tax?
Many business owners pay their spouse a salary – typically up to the Personal Allowance limit (£11,850 in 2018/19). If the spouse has no other taxable income, they will not pay tax on their salary – and the business owner saves tax (at 19%, 20% or 40%) on the salary...
Can I set up company pension for my husband/wife
Firstly, you should consult a Financial Advisor when deciding to set up a pension scheme. Currently, if the Company pays for the contributions, you and your spouse will effectively share the tax relief. However, if you make the contributions from your own income...
What is the best tax solution for splitting ownership of my property?
Splitting ownership of a property and the tax implications. https://www.youtube.com/watch?v=NQbIkRfMc88 When 2 people buy a property they can own it in one of two ways. Owning as Joint Tenants suits couples, who would own an equal share each, which, when one dies,...
I’ve stopped trading and want to close my Limited Company – do I need a liquidator?
If your Company has paid off its creditors and has less than £25,000 cash in the business, you could save liquidator fees of £3,000 or so by: By applying to Companies House, you can elect for it to be dissolved using form DS01; Paying out the funds as a Final...
My client owes me a large debt, should I hire a Debt Collector?
Don't use a debt collector in the first instance. Your client could be experiencing difficulties, so hiring a debt collector could mean you will lose them forever. Discuss the debt with your client, be civil and polite. It is SO important to keep the relationship...
What are the options for a new Freelance Contractor?
There are generally three options – Agency payroll, Umbrella company and your own limited company (Personal Service Company). Agency payroll – This is self-explanatory. You will pay tax and NI on a salary and you should receive holiday pay and statutory sick pay. It...
Protecting your Limited Company from losing assets
“Limited liability” generally refers to Limited Companies (and LLP’s). If they fail, the assets of the Company will be lost, but all of the personal assets of the shareholders will be safe. So, the business owners still keep their homes and investments and could...
What to consider when splitting shares between couples
Ownership Who genuinely owns, founded, or acquired the business? Who works in it and earns the money? If the person who formed, and runs it isn’t the majority shareholder, this could mean trouble – because, if the couple fall out, the main worker could lose control...
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