Dividends – What is it and how do I pay it (After 6 April 2016)?

What is a dividend?   A dividend is a payment a limited company can make to shareholders when it has made and retained a sufficient profit.   For this year 2016/17, the government has chanced how dividend is taxed, you will no longer receive a nominal tax credit, but you will be able to take Read more about Dividends – What is it and how do I pay it (After 6 April 2016)?[…]

New Companies House online search tool

As previously mentioned companies house is moving to Gov.co.uk, well they have and have launched a new online search facility called BETA service available via http://beta.companieshouse.gov.uk So what is available? It currently allows searches of: Company overviews Document images Company officers Disqualified directors Changes to a company registered office address. What else can we expect? Read more about New Companies House online search tool[…]

Personal allowances, rates and bands 2016-2017

Most people have a Personal Allowance – an annual amount of tax-free income. The rates of Income Tax you pay depend on how much taxable income you have above your allowance. Personal Allowance for 2016/17 = £11,000 Income Tax Bands Band Taxable income Tax rate Personal Allowance Up to £11,000 0% Basic rate £11,000 to Read more about Personal allowances, rates and bands 2016-2017[…]

As a director, what should I pay myself in 2016/17?

Such a simply question, you would think, however it produces a complicated answer. For this calculation, we have assumed the following: The director wants to preserves their entitlement to state benefits, and The director wants a salary which saves the most tax and national insurance. First of all let us look at preserving your entitlement Read more about As a director, what should I pay myself in 2016/17?[…]

HMRC has introduced a new version of the Company Tax Return form and its supplementary pages.

The new version of the Company Tax Return form (form CT600 version 3) must be used for accounting periods that start on or after 1 April 2015. In addition, a new computation taxonomy has been introduced for computations that accompany the new CT600 form. The old version of the CT600 form (version 2) and computation Read more about HMRC has introduced a new version of the Company Tax Return form and its supplementary pages.[…]

Introducing a tax-free childcare scheme

Department for Education survey data shows that nearly a quarter of employed mothers would increase their working hours if they could arrange good quality childcare which was convenient, reliable and affordable. The scheme will be available to children under the age of 5 from autumn 2015, and all working parents with children under 12 will Read more about Introducing a tax-free childcare scheme[…]

Personal allowances, rates and bands 2015-2016

Most people have a Personal Allowance – an annual amount of tax-free income. The rates of Income Tax you pay depend on how much taxable income you have above your allowance. Personal Allowances: AGE AMOUNT Up to and including 64 £10,600 65 to 74 £10,500 75 and over £10,660 For every £2 your income is Read more about Personal allowances, rates and bands 2015-2016[…]

Business Tax Dashboard to be replaced

HMRC has been trialing a new service called Your Tax Account since May 2014 and is set to formally replace the Business Tax Dashboard during 2015. Your Tax Account is essentially a personalised homepage which gives you quicker and simpler access to everything you need to manage your tax affairs including links to key transactions Read more about Business Tax Dashboard to be replaced[…]

HMRC’s new online payment service

A new online payment service was introduced on 15 December 2014 for the payment of Self Assessment or VAT bills by debit card. This is a trial known as a beta service and HMRC is working in partnership with Worldpay. You can still pay HMRC using the Billpay service, however this new service will eventually Read more about HMRC’s new online payment service[…]