Promoting employee health and wellbeing is increasingly seen as a vital part of a successful business. According to government figures, in 2016/17, 1.3 million workers suffered from work-related ill-health, which equated to 25.7 million working days lost. This has been estimated to cost £522 per employee, and up to £32 billion per year for UK…
Given current tax rates, paying a dividend rather than a salary will often be a more cost-effective way of withdrawing profits from a company. Tax is currently payable on any dividend income received over the £2,000 annual dividend allowance at the following rates: 7.5% on dividend income within the basic rate band (up to £37,500…
Significant changes are being made from 2020-21 to the company car tax benefits-in-kind bands affecting ultra-low emission vehicles (ULEVs). The taxable benefit arising on a car is calculated using the car’s full manufacturer’s published UK list price, including the full value of any accessories. This figure is then multiplied by the ‘appropriate percentage’, which can…
Although it is possible to strike off a company and for distributions made prior to dissolution to be treated as capital rather than as a dividend, this is not an option where the amount of the distributions exceeds £25,000. Where the taxpayer’s personal circumstances are such that it is beneficial for the remaining funds to…
- What to do if you need to change your tax return
- Incidental overnight expenses
- Making the most of pension tax allowances
- Trivial benefit traps – Contractual obligations
- Reporting low emission vehicles – Changes from April 2020
- Properties not let at a commercial rent
- Freeagent Bronze Partner Status
- Allowable finance costs
- Legal and professional fees – Capital or revenue?
- Recording directors’ expenses correctly
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If you have a joint savings account, you need to declare this income on your self assessment. ISA income is exempt.
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