Company cars remain a popular employee benefit. Some company car drivers also receive free fuel for private use. Both employers and employees need to consider the tax implications of company cars before making decisions. Employers will pay class 1A national insurance contributions (NIC) on the benefit. Employees pay income tax on […]
Taking money out of your limited company A limited company is a separate entity in the eyes of the law, just like an individual person. This means that you cannot simply take money out of a limited company account like it was your own personal bank account. All finances legally belong […]
As the 2020/21 tax year draws to an end, below I provide a few tips on things you may wish to consider to mitigate or avoid paying excessive tax. Review your income levels and marginal tax rates Assess if your taxable income for 2020/21 falls into a band that suffers […]
Bounce Back Loan The Scheme launched on Monday 4 May and we have seen funds released to businesses within 24 hours (depending on the bank). The loan is 100% guaranteed by the government, no credit checks and personal guaranties. With a low interest rate of 2.5% and no repayment due during […]
This is an HMRC update: Property owners selling a residential property in the UK are being reminded by HM Revenue and Customs (HMRC) about important deadline changes when paying Capital Gains Tax. From 6 April 2020, if a UK resident sells a residential property in this country they’ll now have 30 […]
This is an update from HMRC: Dear customer, We want to help you get ready to make a claim under the Coronavirus Job Retention Scheme. If you’re eligible for the scheme, there are things that you can do now to be ready when the system is up and running later this month. […]
Coronavirus Job Retention Scheme: a cash grant that is designed to allow employers to retain staff who would otherwise be laid off. Employers may claim a grant of up to 80% of the salaries of employees who have been laid off during this crisis. This is subject to a cap of […]
The outbreak of the coronavirus has been and continues to be a source of concern for everyone. I hope that during this time, you and your family has been save, will and continue to be save. COVID-19 is changing many aspects of our daily lives and is certainly a treat to […]
Attaining financial freedom and security in retirement requires planning. In this day and age when disposable income does not provide sufficient savings margin, taking proactive steps towards financial security and future planning will go a long way in reducing financial stress. Below are some useful tips to planning ahead for financial […]
Open banking and upgrade of bank feeds What is open banking? Open banking is being introduced from 14 September 2019 and this means you can choose to share your bank account information securely and electronically with cloud-based accounting software providers and other related companies. This was designed to encourage competition in […]