Employment Allowance 16/17 – what does it mean to a sole director of a limited company?

Posted on 8th April 201611th April 2016 by Samantha Nicholson

As mentioned in a previous blog, there are a few changes to the Employment Allowance this year (2016/17), that you need to take note of: The allowance has increased from £2,000 to £3,000 Eligibility – one of the main changes is if you are the directors and only paid employee, you are no longer eligibility Read more about Employment Allowance 16/17 – what does it mean to a sole director of a limited company?[…]

New dividends tax – what does it mean as a director of a limited company?

Posted on 8th April 20168th April 2016 by Samantha Nicholson

The most common way to pay yourself as a director of a limited company is using a mixture of salary and dividends. Keeping your salary low minimises the amount of National Insurance you have to pay, as dividends does not attract National Insurance. Therefore, most directors take a small salary and the remainder of Read more about New dividends tax – what does it mean as a director of a limited company?[…]

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

Posted on 1st April 20168th April 2016 by Samantha Nicholson

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)?[…]

Contractor Monthly Returns and Subcontractor Verification

Posted on 1st April 201627th September 2016 by Samantha Nicholson

From April 2016 all contractors must use the CIS online service to file their contractor monthly returns.HMRC have introduced a number of improvements to the CIS online service to make it easier and more efficient to use.These changes include:• The facility to amend returns online• A new online message/alert serviceSome examples of the type of Read more about Contractor Monthly Returns and Subcontractor Verification[…]

New Companies House online search tool

Posted on 1st April 201620th May 2016 by Samantha Nicholson

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[…]

Employment Allowance 2016-17 update

Posted on 1st March 20168th April 2016 by Samantha Nicholson

There are a few changes to the Employment Allowance this year (2016/17), that you need to take note of: The allowance has increased from £2,000 to £3,000 Eligibility – one of the main changes is if you are the directors and only paid employee, you are no longer eligibility You could get up to £3,000 Read more about Employment Allowance 2016-17 update[…]

Marriage Allowance

Posted on 1st March 20167th April 2016 by Samantha Nicholson

Marriage Allowance lets you transfer £1,100 of your Personal Allowance to your husband, wife or civil partner. This can reduce their tax by up to £220 every tax year (6 April to 5 April the next year). To benefit as a couple, you need to earn less than your partner and have an income of Read more about Marriage Allowance[…]

National Minium Wage and Live In Wage rates from 1 April 2016

Posted on 1st March 201611th April 2016 by Samantha Nicholson

Live in wage comes into effect from 1 April 2016 and will replace some of The National Minimum Wage rate per hour depends on your age and whether you’re an apprentice – you must be at least school leaving age to get it. New rates, which come into effect from 1 April 2016: Year 25 and Read more about National Minium Wage and Live In Wage rates from 1 April 2016[…]

Personal allowances, rates and bands 2016-2017

Posted on 1st March 201611th April 2016 by Samantha Nicholson

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?

Posted on 7th February 201620th April 2016 by Samantha Nicholson

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?[…]