If you own a small business and are also a shareholder director, you may be wondering whether to take a salary or dividends. When it comes to paying yourself, there are both advantages and disadvantages to each option, including potential tax savings. We’ll explore how taking salaries versus dividends for shareholder directors of small businesses […]
For many individuals in the UK, gifting to grandchildren can be a great way to reduce their tax burden. But before entering into any gifting arrangement, it is important to understand the various tax considerations that come with it. In this blog post, we will discuss some of the key tax implications of gifting to […]
Every business needs sound financial planning and oversight in order to thrive. With the new tax year just around the corner, now is the perfect time to start thinking about ways you can improve your business’s finances in 2023. Read on to learn some of our top tips for making sure your business’s finances are […]
Businesses are being advised that time is running out to be able to take advantage of the Corporation Tax super-deduction capital allowance scheme. This allows businesses to claim back 130 per cent on investments made in plant or machinery. The scheme runs until 31 March 2023 and with Corporation Tax rates set to rise in […]
The Government has announced a two-year delay and further changes to the rollout of its Making Tax Digital for Income Tax initiative. The delayed implementation of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) means it will now be phased in from April 2026 for a smaller number of taxpayers, rather than the original […]
There is a growing gap between the pension savings and payments of men and women, according to research. When it comes to state pension incomes, women who retired before 2016 get £146.78 a week on average, while men receive £172.71. Under the current state pension, women get £165.05 on average and men receive £170.49. The […]
While the rise in interest rates is welcome to many, savers are facing the prospect of paying tax on their savings for the first time in some years. Rises in salary earnings are also pushing a larger number of people into the higher rate or additional rate income tax band, effectively leaving them with no […]
The cost-of-living crisis has seen people considering cancelling their life insurance payments to save money. Research carried out by insurance company, Vitality, suggested that only three out of ten respondents considered life insurance as a financial imperative. It also revealed that a majority of people did not consider life insurance policies as something of importance […]
We are delighted to announce that we have completed our 60 for 60 challenge and raised more than £2,000 including Gift Aid for White Lodge. Special thanks to you our clients, and supporters who have rallied around us to help this fantastic cause. TWP has kindly agreed to match fund all donations up to a […]
These are our five top tips for building resilience in your business. Get your finance in peak fitness Cash flow is crucial Forecasts are key Tech saves time (and money) People are your biggest asset Get your finance in peak fitness Whether you are well in the black or you’re eating into an overdraft, having […]
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