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?
In the spirit of seasonal cheer, it's that time of year again to remind you all that HMRC has a festive loophole that means businesses pay no tax on corporate Christmas parties. Businesses of all sizes are allowed to spend a tax-free amount of up to £150 (inc. VAT) per member of staff each year. … Continue reading ‘Tis The Season To Be Jolly…
Christmas is a time for giving...and most people are very happy if you give them money! However, it is worth remembering your allowances and exemptions for Inheritance Tax. If your estate is worth more than the Inheritance Tax threshold - £325,000 for the 2013-14 tax year - there are some important Inheritance Tax exemptions that … Continue reading Giving at Christmas – Inheritance Tax Allowances & Exemptions
The Government is proposing a new Tax-Free Childcare scheme which will help around 2.5 million working families, which was one of the major announcements in the 2013 budget. HOW MUCH HELP CAN I GET? Eligible families will get 20% of their annual childcare costs up to £6,000 per child, paid for by the Government. This … Continue reading Tax-Free Childcare