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[…]
Following a consultation, the government is to almost halve the processing time for donations from 60 to 35 days, allowing charities to access the money that has been donated more quickly. To read more on this story visits: https://www.gov.uk/government/news/payroll-giving-overhaul-announced Did you know: Payroll giving enables employees to donate money to charities directly from their salary before Read more about Payroll Giving Process to be simplified[…]
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[…]
From one wo/man bands to larger companies, bookkeeping is a significant part of any business . While it isn’t typically one of the more glamorous jobs, bookkeeping is at the heart of any company’s success, and errors can cost the company significantly. Below are some of the most common errors that I cover when training Read more about 8 common bookkeeping mistakes to avoid[…]
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. Year 21 and over 18 to 20 Under 18 Apprentice* 2013 (current rate) £6.31 £5.03 £3.72 £2.68 2012 £6.19 £4.98 £3.68 £2.65 2011 £6.08 £4.98 £3.68 £2.60 2010 Read more about National Minimum Wage rates from 2013[…]
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[…]