11 June 2020
Termination payment to a director
A termination payment to a director may become part of your tax planning in these difficult times, if your business has to close.
You be aware that the most tax-efficient method of getting the money out of your company when it closes down is to wind it up and take its cash and other assets. That way the maximum rate of tax on what you receive is 10%, assuming that capital gains tax (CGT) entrepreneurs’ relief (ER) applies. This is true but it overlooks what you might be entitled to receive entirely tax free
25 March 2020
Job Retention Scheme
Details of the Job Retention Scheme and Business Interruption Loans, as updated on 13/4/20. Now with details of how to claim, and what we will do for you.
The published version of the information is at https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme and covers the scheme in some detail. HMRC will continue to issue further guidance using their new powers to explain precisely how the scheme will operate.
The Coronavirus Job Retention scheme provide for government grants which will cover 80% of the normal salary of PAYE employees who would otherwise have been laid off as a result of this crisis. The scheme is open to any employer and will cover the cost of wages backdated to 1 March 2020 and will be open before the end of April. It will continue for at least three months, and can include workers who were in employment on 28 February.
24 April 2016
Acquisition of Judge & Co
We are delighted to announce that we have acquired the practice of Judge & Co, Chartered Accountants, of Glasgow with immediate effect. Judge & Co was founded in 1999 and serves over 200 clients across Scotland, providing personal tax and accounting services, very similar to our existing clients.
2 April 2015
National Insurance for under 21’s
From 6 April 2015 employers with employees under 21 years old will no longer have to pay Class 1 secondary National Insurance contributions (NICs) on earnings up to the Upper Secondary Threshold (UST) for those employees.
15 March 2015
Benefits and expenses tax reform
Radical changes to the benefits and expenses rules have been announced. What are they and when will they come into effect?
30 January 2015
Company loan: a tax saving tip
The personal tax cost of borrowing from your company is now quite low. However, when the time comes to repay the loan there’s a neat trick you can use to cut it further. What is it and how does it work?
23 December 2014
Advisory fuel rates
The HMRC advisory fuel rates have been changed with effect for all journeys undertaken on or after 1 December 2014. Until that date, the rates in brackets can be used. These rates only apply to employees using a company car on business purposes.
30 September 2014
National Minimum Wage
The government has approved a rise in the National Minimum Wage to £6.50 per hour, with more than 1 million people set to see their pay rise by as much as £355 a year.
9 July 2014
Holiday pay – changed basis of calculation?
The CBI has warned that a new European ruling that challenges how holiday pay is calculated could push some companies into insolvency.
1 May 2014
RTI filing and under 16’s with no NI number
So you are a hotelier who is employing some junior waiting staff to work weekends and busy times, and they are under 16 and don’t have a NI number. What do you do?
25 March 2014
RTI – Tax year end processes
Now that you are reporting PAYE information in real time, you don’t need to send forms P35 and P14 at the end of this tax year. Instead, just send your real-time PAYE submission as normal and answer a few extra questions. It is very easy to do. This step-by-step guide shows you how.
11 February 2014
Check your tax code
It is always very important to check your tax code to make sure that you are receiving all the allowances to which you are entitled and to ensure that all your income is being properly taxed.
