And in the blue corner we have the Chancellor delivering another heavy hit on incorporation! The latest budget brought with it unwelcome news for directors of private limited companies who extract dividends as well as individuals with vast shareholdings, as the Government has abolished the dividend tax credit as we know it and introduced a new dividend taxation. From April 2016 there … Continue reading Will Dividends Still Pay Dividends?
Our review of the Summer Budget 2015 is now available: Green & Co - Summer Budget 2015 There were several big changes announced in this weeks Chancellor's Budget, including changes to Corporation Tax, Inheritance Tax, Dividend Tax Credits and Landlords Tax Relief among many others. We have compiled everything you need to know about the … Continue reading Summer Budget 2015
If you are the director of a limited company then you will be aware that you must submit a tax return to HMRC each year, declaring your personal income. The company, as a separate entity, must also submit a tax return and, much like a personal tax return, if the company return (CT600) is not … Continue reading Corporation Tax: Late Filing Penalties
1 April 2015 Payment of corporation tax liabilities for SMEs account period ended 30 June 2014 where payment is not made by instalments. Reduction in main rate of corporation tax to 20%. Small profits rate is abolished except for ring-fence profits. Change to emission thresholds for business cars (zero rate ends). Application to defer Class … Continue reading Deadline Dates – April 2015
New and innovative products which will change how we conduct our lives are being thought up, it can seem, every day. It is products like these which keep the majority of businesses profitable, which is extremely important for maintaining an already fragile economy in the UK. HM Revenue & Customs tries to incentivise companies to … Continue reading Tax Advantages For Innovative Companies
Spring is here, the clocks have gone forward, lambing is under way, and the new tax year is upon us! Here are some of the changes to expect upon the start of the new tax year 2014/15: 1) Basic personal allowance tax band increase to £10,000. 2) The basic rate tax band has reduced to £31,865 … Continue reading New Beginnings