The various tax allowances available to individuals in 2017/18 mean that it is possible for directors with a substantial credit on their director’s loan account to extract up to £22,500 out of the company and incur no personal tax. This table illustrates how it works: 2017/18 Personal allowance: this is the amount of income an … Continue reading Tax Efficiency and the Directors Loan Account
So, the 6th of April brings in the new tax year with new rules, but what are the changes? Personal Allowance - increases to £11,000. Personal Savings Allowance - if you are in the 20% band for income tax, you will pay no tax on the first £1,000 of interest you get from savings. If … Continue reading New Tax Year – New Rules!
The way they are taxed may be changing, but the other rules and procedures surrounding dividend payments have not. Here is a brief re-cap of the key actions and considerations to bear in mind when making dividend payments: There must be distributable reserves in the business that cover the dividend payments. This is company law and … Continue reading Dividends – What Isn’t Changing?
The end of the tax year of 5 April is fast approaching, and this is always a good time of year to think about ways to structure your business and personal finances so that they are as tax-efficient as possible. With new rates and various legislative changes due in the 2016/17 year, here are some … Continue reading Ways To Save Tax Ahead Of The 5 April Year End
Read Green & Co's article on the important changes to the affect dividends from April 2016, featuring in this month Torfaen Business Voice February edition. Last year the budget brought with it unwelcome news for directors of private limited companies who extract most of their income via dividends. The Government is abolishing the dividend tax credit as … Continue reading Green & Co Feature In Torfaen Business Voice
From 5 April 2016 the taxation of Dividends is changing and this is likely to significantly increase the tax that you have to pay. The good news is that you do not have to pay tax on the first £5,000 of your dividend income, no matter what other income you have. However the tax you … Continue reading New Tax Year – New Dividend Rules…
With winter fast approaching, take the weight off your feet and chill as we bring you up to date on everything you need to know this season! Green & Co Winter 2015 Newsletter This edition focuses on: Property Tax Relief: Winners And Losers All Change For Dividends Pension Allowances: The Next Steps Tax Round Up … Continue reading Winter 2015 Newsletter
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?
PAYE compliance visits can be a tricky business and should your business be selected, HMRC will delve into not only the payroll records but also the expenses and reimbursement procedures, benefits in kind, employment status and shareholder-director dividends. Should they discover errors they can go back up to four years in order to track them. The initial … Continue reading 3 Pointers For Passing Your PAYE Inspection
Child benefit will be withdrawn for high income taxpayers from January 2013. The threshold for this tax change is £50,000 and will be tapered on income from this figure up to £60,000 when no child benefit will be due. The change has been the subject of much controversy. Take two families both with two children. … Continue reading Will you lose your child benefit?