Year End Tax Planning

With 5th April fast approaching, here are some tax planning suggestions you may like to consider before the end of the tax year. Income Tax and Capital Gains From 6th April the Personal Allowance increases to £11,850 and the Capital Gains annual exemption to £11,700. This provides opportunities to defer income and gains to the … Continue reading Year End Tax Planning

Ed Gooderham’s thoughts on the Budget

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

HMRC To Abolish Employer’s National Insurance Contributions For Under 21s

From 6 April 2015 employer's will no longer have to pay class 1 secondary national insurance contributions (NIC) for employees under 21, whose earnings are below the upper secondary threshold. Under the current regime class 1 secondary NICs are due, from the employer, on payments made to employees in excess of the secondary threshold at … Continue reading HMRC To Abolish Employer’s National Insurance Contributions For Under 21s

Paying Class 2 NIC Is Changing

In an attempt to simplify the administration of Class 2 NIC, HMRC have announced changes in the way contributions will be paid from 6 April 2015 onwards. Class 2 NIC (otherwise known as self-employed stamp) is payable by anyone who is self-employed, either as a sole trader or in a partnership. Contributions made count towards … Continue reading Paying Class 2 NIC Is Changing

Wages from 6 April 2014

Director's Salary The new rates of personal allowances and National Insurance come into effect on 6 April 2014. This means that the salary for many directors of small limited companies needs to be re-evaluated to ensure that it is tax efficient. The change means you can increase your current monthly wage to £663 per month, … Continue reading Wages from 6 April 2014

National Insurance – A Class Act

National Insurance was introduced in the UK as long ago as 1911, initially as a contributory fund to provide benefits in the event of incapacity due to sickness or unemployment. Over the years, the scheme has been broadened to include provision of a wide range of social security benefits, and, in particular, as a way of … Continue reading National Insurance – A Class Act

Part time employees – the full time benefits

During the past few years employing part-time workers has become more popular. With the governments proposed plans for flexible parental leave part-time employees may be seen as an easy way to cover the possibility of parents interchanging periods of leave with their partners i.e. mum taking leave, then dad and then mum again which could otherwise … Continue reading Part time employees – the full time benefits

National Insurance cuts for Employers

In an attempt to promote job creation, it was announced in the Budget 2013, that firms based in the UK would be entitled to a £2,000 allowance towards employer National Insurance Contributions (NIC).  This Employment allowance will come into effect in April 2014 and is estimated to take 450,000 of the UK’s smallest businesses out … Continue reading National Insurance cuts for Employers