01 - May 2019
Abatement of the personal allowance
Posted by : Pro-Taxman
View : 117
Comment : 0
Not all taxpayers are able to benefit from the personal allowance – once income exceeds £100,000 the allowance is gradually reduced until it is eliminated in full. However, there are steps which can be taken to reduce income and preserve entitlement to the personal allowance. The personal allowance is set at £11,850 for 2018/19, rising […]
01 - May 2019
Does the marriage allowance apply to you?
Posted by : Pro-Taxman
View : 293
Comment : 0
The marriage allowance can be beneficial to married couples and civil partners on lower incomes. Claiming the marriage allowance is worth up to £238 in 2018/19 and £250 in 2019/20. Nature of the allowance The marriage allowance allows one spouse of civil partner to transfer 10% of their personal allowance (rounded up to the nearest […]
01 - May 2019
Employee Benefits, Tax free
Posted by : Pro-Taxman
View : 99
Comment : 0
More than 25 million working days are lost annually due to work-related ill health matters, including the two leading causes of workplace absence, namely back injuries and stress, depression or anxiety. There are however, several areas where employers can use tax breaks and exemptions to help promote health and fitness at work. Gym facilities and […]
01 - May 2019
Directors’ NICs – the correct way to pay
Posted by : Pro-Taxman
View : 109
Comment : 0
The non-cumulative nature for calculating National Insurance Contributions (NICs) makes it possible to manipulate earnings to reduce the overall amount payable by taking advantage of the lower rate of primary Class 1 contributions payable once the upper earnings limit has been reached. For example, an employee who is paid £3,000 each month of the year […]
01 - May 2019
What can be done with business losses?
Posted by : Pro-Taxman
View : 93
Comment : 0
Providing a business is being undertaken on a commercial basis with a view to making a profit, it is generally possible to claim relief for trading losses. Relief for trading losses may be obtained in a variety of ways, including: set-off against other income in the same or preceding tax year, for example against employment […]