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 […]
The Government has announced that Capital Gains Tax (CGT) rules for divorcing couples will change on 6th April 2023. Currently, if a couple transfers assets between them any time after the tax year in which they separated, there may be a tax to pay. The new rules will give couples three tax years from the […]
Changing NIC in July The rates for national insurance contributions (NIC) increased by 1.25 percentage points for everyone on 6 April 2022. From 6 July the NIC starting threshold will rise to £12,570 per year (£1,048 per month) for employees. This means that some lower paid employees will have more Class 1 NIC deducted from […]
If you have made a claim about being mis-sold aPayment Protection Insurance (PPI) policy and also received an interest payment then you may be able to get a tax refund.This is because the interest payment is paid net of basic rate tax and for a basic rate taxpayer you are allowed to earn £1,000 of […]
Having passed my AAT level 3 in January of this year, I was excited but also nervous to start my level 4 course as I knew that it would require a lot of hard work and dedication, as this level involves a lot more study hours than previous levels. I have now sat and passed […]