HMRC has published guidance allowing employers to provide trivial benefits without reporting them. You don’t have to pay tax on a benefit for your employee if all of the following apply: it cost you £50 or less to provide it isn’t cash or a cash voucher it isn’t a reward for their work or performance Read more about Tax exemption for Trivial benefits[…]
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?[…]
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?[…]
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)?[…]
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[…]
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[…]
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 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[…]
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[…]
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[…]