This author has yet to write their bio.Meanwhile lets just say that we are proud Lizzie Robinson contributed a whooping 268 entries.
As the end of the 2023/24 tax year approaches, it is prudent to review your tax affairs and consider whether you can reduce your tax bill by taking advantage of allowances and exemptions that would otherwise be wasted. Key dates For individuals, the 2023/24 tax year ends on 5 April 2024.You may be able to […]
If you run a family or personal company, you will need to consider how best to extract profits from your company. There are various ways in which you can do this. A traditional tax-efficient approach is to take a small salary and extract any further profits as dividends. However, you can also extract profits in […]
Mileage payments may be made to employees who use their cars for business travel. The payments can be paid free of tax and National Insurance up to certain limits. However, the tax and National Insurance rules work in different ways. Following a recent decision, fixed-sum car allowances may now benefit from the National Insurance disregard, […]
If you operate your business as a personal or family company, you will need to extract profits if you want to use them to meet personal expenditures. This update considers some of the various ways in which this can be done. If you need to extract more than £50,270 in 2023/24, is it worth taking […]
31st January 2024 deadline looming If you need to file a Self-Assessment tax return for 2022/23 and you have not already done so, you will need to file your return online by midnight on 31st January 2024 to avoid an automatic late filing penalty. Any tax owing for 2022/23 must be paid by the same […]
Taxpayers must undertake various tasks, such as filing returns and paying tax, by certain dates. If these deadlines are missed, HMRC may charge late filing and late payment penalties. Interest is also charged on tax paid late. Key dates The key dates in January 2024 are 1st January for corporation tax payments, 7th January for […]
If you are thinking of setting up a business, or if you already operate as a sole trader, you may be considering whether to incorporate your business and if so, when to incorporate. This decision will affect how you run your business and ultimately, what taxes you pay, and when you pay them. Operating as […]
Most of us would rather avoid the word “tax” and yet tax planning offers a unique opportunity to reduce the amount of tax you pay and positively contribute to your efforts to outpace the current economic downturn and emerge financially more secure. The rest of this blog sketches out some of the opportunities for individuals […]
Christmas parties and gifts – How to keep them tax-free Many employers hold a staff Christmas party and/or give their staff a Christmas gift. By taking advantage of the available exemptions, it is possible to prevent an unwanted tax liability from arising. Key dates Where the exemptions do not apply and a taxable benefit arises […]
Check your state pension entitlement today Are your National Insurance contributions up to date? Entitlement to the state pension and other contributory benefits depends on your National Insurance record. If you do not have sufficient qualifying years, you will not receive the full state pension. However, you can make voluntary contributions to top up […]
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