The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or does not pay tax above the basic rate threshold for Income Tax
Reminder to claim the Marriage Allowance Read More »
Most gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime transfers are known as ‘potentially exempt transfers’ or ‘PETs’. These gifts or transfers achieve
IHT gifts – 7 year limit Read More »
The VAT Flat Rate scheme allows businesses to pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. The scheme has been designed to
Using the VAT Flat Rate Scheme Read More »
One of the biggest advantages of being a limited company vs. a sole trader is the fact you can make pension contributions through the company. This is a highly tax-efficient way to take money out of your company, albeit you won’t be able to access the funds until you are 55 years old. Let’s look
5 great benefits of a limited company director pension Read More »
The beginning of a new year is an opportune time to undertake basic business planning. One aspect that needs continuous management is to protect your business capital.
The downturn in global trade
A reminder to protect your business capital Read More »
A new press release from HMRC has highlighted that 49,317 taxpayers took the time to file their tax returns online over the New Year holiday. It is estimated that over 6.5 million taxpayers have
Less than one month to tax return filing deadline Read More »
Before Brexit, the UK was unable to zero rate VAT on women’s sanitary products under EU rules and the items were subject to 5% VAT. Following the end of the transition period the UK was no longer
VAT on period products scrapped Read More »
If you have reached the State Pension age and continue to work, in most cases, you no longer need to pay National Insurance Contributions (NICs).
At State Pension age, the requirement to pay Class 1
National Insurance and tax after State Pension Age Read More »
Business Asset Disposal Relief (BADR) is available on the sale of a business, disposal of shares in a trading company or an individual’s interest in a trading partnership. Where this relief is
Business Asset Disposal Relief Read More »
Readers are reminded that if the dividends they draw from their company, when added to their other income, exceeds the basic rate Income Tax Band, then much higher rates of dividend tax will
Beware higher rate tax on dividends Read More »