Keeping your company records in legal requirements is a time consuming process, so how can you keep this to a minimum? As owner/director of your business your main priority is about making your business successful rather than being a slave to paperwork/admin/recordkeeping. But you can’t avoid this completely as company law requires a minimum level Read more about Company records – what’s the bare minimum?[…]
Savings From 6 April 2014 the overall ISA savings limit will be increased to £11,880 of which £5,940 can be invested in cash. From 1 July 2014 ISAs will be reformed into a simpler product, ‘NISA’ and all existing ISAs will become NISAs. From 6 April 2015 the current 10% tax rate will be reduced Read more about Main points from the 2014 budget[…]
Such a simply question can produce a complicated answer, but 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 entailment to state benefits. Read more about As a director, what should I pay myself in 2014/15?[…]
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 £10,000 65 to 74 £10,500 75 and over £10,660 For every £2 your income is Read more about Personal allowances, rates and bands 2014-2015[…]
HMRC have issued a new flat rate for business use of home, based on the hours your work from home each month, which replaces the £3 per week. This means you don’t have to work out the proportion of personal and business use for your home, eg how much of your utility bills are due to Read more about Business Use of Home[…]
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 £9,440 65 to 74 £10,500 75 and over £10,660 For every £2 your income is Read more about Personal allowances, rates and bands 2013-2014[…]
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 £8,105 65 to 74 £10,500 75 and over £10,660 Your Personal Allowance goes down by Read more about Personal allowances, rates and bands 2012-2013[…]
The HMRC expects companies to keep accurate and up to date accounting records especially details of transactions between a company and its directors – the “directors loan account” (DLA). Where you use software to keep your financial records you can set up a DLA in the way you would a bank account and post transactions Read more about Record keeping for directors’ loan account[…]
If you provide entertainment to reward your employees for good work or to maintain and improve staff morale, this is considered to be for business purposes and so you can claim back the VAT. Examples could include staff parties, team building exercises, staff outings and similar events. However, you cannot claim back the VAT in Read more about Employee entertainment[…]
These rates apply to all journeys on or after 1 September 2012 until further notice. For one month from the date of change, employers may use either the previous or new current rates, as they choose. Employers may therefore make or require supplementary payments if they so wish, but are under no obligation to do Read more about Company cars – advisory fuel rates from 1 September 2012[…]