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Tag: Personal Savings Allowance

Tax

Tax Efficiency and the Directors Loan Account

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

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May 15, 2017May 12, 2017Director's Loan Account, Directors, Dividend Allowance, Dividends, DLA, Personal allowance, Personal Savings Allowance, Tax allowances, Tax EfficiencyLeave a comment
Tax

Tax Efficient Income Extraction from Your Limited Company

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

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October 31, 2016October 28, 2016Basic Rate Tax, Director's Loan Account, Form CT61, High Income Tax Payers, ISAs, Limited Company, Personal Savings Allowance, PSA, Tax Efficiency, Tax Efficient Income Extraction from Your Limited Company, Tax Planning, Tax Planning Tips, Tax SavingLeave a comment
Payroll, Tax

New Tax Allowance for Savings Income

From 6 April 2016 a 0% rate will apply to savings income of up to £1,000 and, in line with this, from the same date, banks and building societies will no longer deduct tax from the interest they pay to depositors who hold Non-ISA accounts. The introduction of the new Personal Savings Allowance (PSA) will … Continue reading New Tax Allowance for Savings Income

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September 11, 2015August 23, 2017HMRC, PAYE, Personal Savings Allowance, savingsLeave a comment

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