To help meet the costs of health and adult social care, a new levy, the Health and Social Care Levy, is introduced from 6 April 2023. Payment of the levy, which is set at the rate of 1.25% of qualifying earnings, is linked to the payment of National Insurance contributions. Prior to the introduction of […]
Employed? What The Forthcoming National Insurance Increases Will Mean for You Read More »
To help taxpayers and advisers affected by the surge in Covid-19 cases as a result of the Omicron variant, HMRC have announced that penalty waivers will apply for a limited time where the 2021/22 tax return is filed late or where tax due on 31 January 2022 is paid late. Late Filing Penalty The
Limited Time Penalty Waivers For 2020/21 Tax Returns Read More »
If you operate your business through a personal or family company and extract profits in the form of dividends, it is prudent to review your dividend policy to determine whether it would be beneficial to pay a further dividend before the end of the 2021/22 tax year on 5 April 2022. It should be remembered,
Should You Pay a Dividend Before 6 April 2022? Read More »
The tax system contains a number of allowances that enable individuals to enjoy income and gains tax-free. One of these allowances is the annual exempt amount that applies for capital gains tax purposes. For 2021/22, it is set at £12,300. It will remain at this level for 2022/23. Nature Of the Annual Exempt Amount
Capital Gains Tax Annual Exempt Amount – Use It or Lose It Read More »
Transactions between a director and his or her personal or family company are common and a director’s loan account is simply an account for recording the transactions that occur between the two. However, there are tax consequences for the company if the director owes money to the company and the loan remains outstanding nine months
Paying Back a Director’s Loan – Beware of the Anti-Avoidance Rules Read More »
