28 - September 2019Wondering whether to use dividends or a salary? Read this blog to find out why dividends are more cost-effective.
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Director’s salary or bonus? 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 […]
26 - September 2019Are you a working parent? You might be missing out on £2,000 per child per year towards the cost of childcare.
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Tax-free childcare update HMRC have recently run a campaign to remind people that they could be missing out on up to £2,000 per child, per year, towards the cost of childcare. Working parents and guardians may be eligible to receive government top-ups of £2 for every £8 that they pay into a tax-free childcare account, […]
24 - September 2019Even if your business hasn’t reached the £85,000 turnover threshold, there are some benefits to registering for VAT early.
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VAT registration – sooner or later? Once a business is up and running, the next major administrative area to be faced often concerns the subject of VAT. At first glance, it looks complicated – not to mention time-consuming – particularly for small businesses. However, taken one step at a time, the rules governing VAT registration […]
22 - September 2019If you receive Universal Credit or any other forms of tax credit, read our blog to check if you need to update HMRC on any circumstance change.
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Tax credits – do I have to tell HMRC if my circumstances change? Tax credits are benefit payments that are paid to people in work who are on a low income or have children. There are two tax credits – working tax credit (for those working but on a low income) and child tax credit […]
20 - September 2019This blog explains the most common mistakes that are made in directors’ loan account tax returns.
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Directors’ loan accounts – avoiding the risks HMRC produce a series of toolkits which set out common errors that they find in returns. The hope is that by being familiar with the mistakes that are routinely made, steps can be taken to avoid them. Although the toolkits are aimed primarily at agents, they are useful […]