The start of the 2016/17 tax year saw the introduction of the Personal Savings Allowance (PSA); from 6 April 2016 basic rate taxpayers can receive £1,000 interest income free of tax. Interest from ISAs does not count towards the PSA because it’s already tax free. Higher rate taxpayers have a £500 allowance and those with … Continue reading Tax Efficient Income Extraction from Your Limited Company
Ed Gooderham, partner at Green & Co, tweeted along live with George Osborne's Budget announcements. Catch up with his thoughts here... #Budget2016 Osborne just started speaking, let's see how he will tax us and what new ideas we will come up with! — Ed Gooderham (@Green_and_Co) March 16, 2016 #Budget2016 - Growth of 2% per … Continue reading Ed Gooderham’s thoughts on the Budget
A Scottish rate of income tax (yet to be announced) will apply from 6 April 2016, allowing the Scottish Parliament to reduce the basic, higher and additional rates by up to 10% or increase them by any amount without limit. The Scottish rate will be administered by HMRC as part of the UK income tax … Continue reading Do You Employ Any Scottish Nationals? – If So Read This
The way company cars are taxed has changed quite significantly over the years, with the rules now concentrating on CO2 emissions instead of the list price. The government is trying to encourage more people to be environmentally friendly and consequently the higher the car's CO2 emissions, the higher your tax bill on the benefit in … Continue reading Can company car’s still be tax efficient?