“What’s the most tax-efficient way to take funds out of my company?” is perhaps the most common question put to accountants by their owner-managed company clients. The answer used to be simple: “Take a salary up to the level of the personal allowance and take the rest as a dividend”. Unfortunately, we are no longer […]
If you have children under 12 who attend a nursery, after school club, playscheme or childminder, or you are considering sending them to a summer camp, you should think about setting up a tax-free childcare account. The government adds 25% to the amounts that you save in the account – up to £2,000 for each […]
Employees who join their employer’s pensions salary sacrifice scheme stop paying pension contributions and instead sacrifice part of their gross salary in return for higher employer pension contributions. This means that both employers’ and employees’ National Insurance Contributions (NICs) are saved whilst maintaining the same amount of pensions savings. This is because employers’ pension contributions […]
If you are a sole trader or landlord with combined turnover from trade and property exceeding £50,000 in 2024/25, you’re likely to be mandated into Making Tax Digital (MTD) from 6 April 2026. Individuals with lower income will be mandated at later dates. We have covered the general MTD requirements in previous newsletters, but it’s […]
A recent First Tier Tribunal case gave us a useful reminder of the rules governing the VAT treatment of private tuition. In Rushby Dance & Fitness Centre v HMRC (TC09534), the lead appellant and three other dance tutors unsuccessfully argued that their dance classes qualified as VAT-exempt private tuition. The exemption for private tuition is […]
Date What’s Due 1 July Corporation Tax for year to 30/09/2024, unless quarterly instalments apply 5 July Last date for agreeing PAYE settlement agreements for 2024/25 employee benefits 5 July Deadline for agents and tenants to submit returns of rent paid to non-resident landlords and tax deducted for 2024/25 6 July Deadline for forms P11D […]
Research from Citizens Advice has revealed that than 13 million UK adults (around 26 per cent) have accidentally taken out a subscription in the past year. These range from fitness apps to food deliveries, repeat pet food orders to digital magazines. What are forgotten subscriptions really costing you? Between 2023 and 2024, the cost of […]
Emergency savings can be the financial buffer that stops short-term shocks from turning into long-term struggles. However, according to the Financial Conduct Authority (FCA), one in ten people in the UK have no cash savings at all. A further 21 per cent have less than £1,000 available for emergencies. Low savings, high risk The FCA’s […]
Green investing has soared in popularity. Sustainable investing continues to attract UK investors, with sustainable equities drawing £12.05 billion in 2024. Additionally, 64 per cent of British consumers are willing to pay up to 10 per cent more for sustainably packaged foods and drinks. This growing demand has led many listed companies to market themselves […]
It is not uncommon for directors of a company to take loans from the business during each financial year, often to cover unexpected bills. However, you must keep track of any directors’ loans – money withdrawn from the company that is not a salary, dividend, or business expense repayment or a loan made by a […]
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