Are you an EU, EEA or Swiss citizen living and or working in the UK?

If you want to continue living and working in the UK after 31 December 2020 you will need to apply to the EU settlement scheme (EUSS), even if the UK leave with a deal or with no deal. Under the scheme, successful applications will be granted either settled or pre-settled status. Which status you get Read more about Are you an EU, EEA or Swiss citizen living and or working in the UK?[…]

Closing a company- How best to extract profits from your company

If your company makes a profit it can pay this to its shareholders as and when it wants. These are known as ‘distributions’ in company and tax law, the most common form of distribution is dividends. Dividends is normally taxed as income for individuals, but an exception to this rule is where distributions are made Read more about Closing a company- How best to extract profits from your company[…]

Director’s – Salary, Dividends or perks?

Choosing tax and national insurance efficient types of income to draw from your company can make a big difference to its worth to you.   The Options Salary – As a rule of thumb, salary within of the national insurance threshold (£8,164 for 2017/18) is the most efficient option Dividends – This option became less Read more about Director’s – Salary, Dividends or perks?[…]

As a director, what should I pay myself in 2019/20?

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 2019/20?[…]

Apply for grants if your business completes customs declarations

You can apply for 2 grants to help your business complete customs declarations, in preparation for the UK leaving the EU. You can apply to get funding for: training that helps your employees to complete customs declarations and processes IT improvements to help your business complete customs declarations more efficiently Who can apply You can Read more about Apply for grants if your business completes customs declarations[…]

Statutory payments announced for April 2019

The 2019/20 statutory payments have now been announced as follows:   Statutory maternity pay Statutory paternity pay Statutory adoption pay Statutory shared parental pay     £148.68 p.w Daily rate £21.24 Effective 31 March 2019 Recovery rate 92% unless your total class 1 National Insurance for the previous tax year is £45,000 or lower when Read more about Statutory payments announced for April 2019[…]

Self assessment (Tax Return) Deadline filing deadline is fast approaching

Deadline for submitting your 2017/18 self assessment return (£100 automatic penalty if your return is late) and the balance of your 2017/18 liability together with the first payment on account for 2018/19 are also due. This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to Read more about Self assessment (Tax Return) Deadline filing deadline is fast approaching[…]

New VAT rules for some vouchers

Who is this for? Business that issue vouchers to customers which they can exchange for goods or services and are VAT registered. When does it start? 1 January 2019 What’s happening? From 1 January 2019 vouchers will fall into tow categories: Single purpose Multi-purpose VAT will be triggered depending on what the voucher entitles your customer to: Single Read more about New VAT rules for some vouchers[…]