If the employee is given an electric company car, then there is no benefit in kind for charging the vehicle at work. However, if you charge the electric car at home and the employer agrees to reimburses you, the cost of electric, then do not accept an estimated round sum payment as this will be […]
24
Aug
Aug
Tax Briefing Autumn 2023 Pensions update – changes to income tax for beneficiaries In Spring Budget 2023 the Chancellor announced a welcome change to the tax treatment of pensions – the scrapping of the Lifetime Allowance (LTA). The LTA stood at £1,073,100 when the process began on 5 April 2023 with the removal of the […]
20
Jul
Jul
Aren’t all accountants qualified? This may sound like a very odd question but we come across a number of new clients who, when asked, always say their previous accountant is qualified without giving it a second thought. On investigation this is not always the case as the word ‘accountant’ is not a legal term. You […]
02
Jun
Jun
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 […]
18
Apr
Apr
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 […]
20
Mar
Mar
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 […]
01
Mar
Mar
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 […]
21
Nov
Nov
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 […]
18
Nov
Nov
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 […]