Changed business conditions in light of the Coronavirus pandemic have caused many companies to review their dividend policies not least because the company’s financial position may have deteriorated significantly from that shown in its last annual accounts. The Companies Act 2006 requires that legal and illegal dividends be paid only if there are sufficient
Legal v illegal dividends Read More »
By law, there are various statutory payments that an employer must make to an employee while the employee is absent from work due to the birth, adoption or death of a child. The employer must pay employees who meet the qualifying conditions at least the statutory amount for the relevant pay period. The statutory payment
Statutory payments from April 2021 Read More »
Under the minimum wage legislation, workers must be paid at least the statutory minimum wage for their age. There are two types of a minimum wage – the National Living Wage (NLW) and the National Minimum Wage (NMW). From 1 April 2021, as well as the usual annual increases, the age threshold for the National
National Living Wage and National Minimum Wage changes from April 2021 Read More »
For 2020/21, it was possible to enjoy the fact that there was no electric cars tax. While this will no longer be the case for 2021/22, electric and low emission cars remain a tax-efficient benefit. How are electric cars taxed? Under the company car tax rules, a taxable benefit arises in respect of the private
Electric cars tax from April 2021 Read More »
Lockdown restrictions have forced many businesses to close temporarily. Selling goods or clothes on sites such as eBay and Depop offers the opportunity to raise some much-needed cash in these difficult times. What are the associated tax implications and do you need to tell HMRC about it? Badges of trade There is a difference between
Are you trading | Trading Income Allowance Read More »
The Covid-19 pandemic has hit the hospitality and leisure industry hard. Landlords with furnished holiday lettings have been unable to let their properties for considerable periods of time as a result of national and local lockdowns. Properties need regular maintenance and refurbishment, and while being in lockdown is not ideal, it does provide a window
Renovating the holiday let during lockdown Read More »
Most people do not expect to pay capital gains tax when they sell their only or main home, particularly if the property has been their only home for their entire time that they owned it. However, what is less well known is that the exemption places a limit on the amount of garden that falls
Selling your main residence with land – Will the SDLT return trip you up? Read More »
In July last year, the Government announced a temporary increase in the residential stamp duty land tax (SDLT) threshold to £500,000. The higher threshold applies where completion takes place between 8 July 2020 and 31 March 2021. From 1 April 2021, the threshold will revert to £125,000, with a higher threshold of £300,000 applying to
Deadline to benefit from increased SDLT threshold approaching Read More »
All taxpayers, regardless of the rate at which they pay tax, are entitled to a tax-free allowance for dividends. For 2020/21 this is set at £2,000, so if you’re thinking of branching out to be self-employed or have made the switch last year, this is what you need to consider. Nature of the allowance If
Self-employment and the £2,000 dividend allowance Read More »
Since 2017/18, the amount of income tax relief that landlords with residential properties have been able to claim on residential property finance costs (e.g. mortgage interest) has gradually been restricted such that for the year 2020/21 the restriction is now given as a tax reducer at the basic rate of tax (i.e. 20%). Loans that are wholly for
Unused Residential Finance Costs | Quick Guidlines Read More »
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