Taking a Salary – 2024/25 Tax Year The new tax year commenced on 06 April 2024 and in relation to taking a salary as a director / business owner, please read on for our guidance. The tax year runs from 06 April 2024 to 05 April 2025 and guidance below applies […]
Here a summary of key updates that are relevant to the 2024-2025 tax year: The National Living Wage increases to £11.44 per hour for those aged 21 and over. The National Minimum Wage for those aged 18-20 increases to £8.60 per hour. The apprentice rate increase to £6.40 per hour. Dividend […]
The UK state pension age is currently 66 for both men and women and this is potentially rising to 68 under the Pensions Act 2007 between 2044 and 2046. For personal and workplace pensions, you can usually take money from your pension pot after you’re 55. From a statutory point of […]
In approaching the end of your company’s financial year, below are some things to consider to help minimise your tax exposure. Corporation Tax From 1 April 2023: The main rate of Corporation Tax will increase from 19% to 25%. The small profits rate (19%) will apply to single companies […]
The tax year runs from 06 April to 05 April each year. As we approach the tax year ending 05 April 2024, below are a few things to consider: Review your income levels and marginal tax rates Assess if your taxable income for 2023/24 falls into a band that […]
You can claim capital allowances on cars you buy and use in the business. Where the car is a commercial vehicle, such as a van, you can deduct the full value from profits before tax. As vans (or commercial vehicles built for transporting goods) do not count as cars […]
Company cars remain a popular employee benefit. Some company car drivers also receive free fuel for private use. Both employers and employees need to consider the tax implications of company cars before making decisions. Employers will pay class 1A national insurance contributions (NIC) on the benefit. Employees pay income tax on […]
Taking money out of your limited company A limited company is a separate entity in the eyes of the law, just like an individual person. This means that you cannot simply take money out of a limited company account like it was your own personal bank account. All finances legally belong […]
Bounce Back Loan The Scheme launched on Monday 4 May and we have seen funds released to businesses within 24 hours (depending on the bank). The loan is 100% guaranteed by the government, no credit checks and personal guaranties. With a low interest rate of 2.5% and no repayment due during […]
This is an update from HMRC: Dear customer, We want to help you get ready to make a claim under the Coronavirus Job Retention Scheme. If you’re eligible for the scheme, there are things that you can do now to be ready when the system is up and running later this month. […]