Tax Briefing Summer 2023 Settle the tax with a PSA Occasionally you may reward your employees with something special such as a holiday or a hamper. If the value exceeds the tax-free amount permitted under the rules for say long service awards, trivial benefits or staff suggestions it will be taxable. To avoid your employees […]
We were recently approached to advise on the capital gains tax position of a share disposal. Background Mr A had paid a minimal sum for a 5% shareholding when he first started to work for a new startup company, some 20 years ago. The company had grown in value over the last 20 years but […]
Whilst company directors hung their heads in their hands following the increase in corporation tax rates up to 25% (marginal rate 26.5% for profits between £50,000 and £250,000), we looked at what would be the most tax efficient salary for 2023/24. We will break this down into companies with taxable profits up to £50,000 and […]
Tax Briefing Spring 2023 Planning dividends in 2023 Owners and directors of family businesses often take a small salary from the company and any extra funds as dividends. Other family members may also hold shares in the company and receive a dividend each year. The first £2,000 of dividends received by each taxpayer is currently […]
Tax Briefing Winter 2022 Dividend tax Dividends are taxed at much lower rates than other forms of income and they are not subject to national insurance contributions (NIC). This can make taking income from your own company in the form of dividends far more attractive than paying yourself a bonus. All taxpayers are currently entitled […]
Twists and turns When the Chancellor of the Exchequer makes a fiscal statement to Parliament – whether it is called a Budget, a mini-Budget or an Autumn Statement – the headlines are in the speech and the details are in the Treasury Red Book that is published on the internet when he sits down. In […]
From the 1st January 2023 the VAT penalty system is changing to a points based system. There are two trigger points for this: Late filing of a VAT return, and Late payment of the VAT liability As most traders use quarterly filing then we will cover this. Late filing of the VAT return To get […]
Dawn of a new era? In his first Budget speech as Chancellor, Kwasi Kwarteng said that ‘we need a new approach for a new era, focused on growth’. He would build this around three priorities: reforming the supply side of the economy, maintaining a responsible approach to public finances, and cutting taxes to boost growth. […]
Cost of travelling to work Travelling to the workplace may now be unaffordable for some employees but employers who help by reimbursing travel expenses could be creating an extra tax burden for themselves and their employees. The journey between an employee’s home and their permanent workplace is treated as ordinary commuting and is not a […]
