by Ali Miah | 13 Mar 2024 | Uncategorized
On 6 March 2024, Chancellor Jeremy Hunt presented his Spring Budget to Parliament. In the knowledge that the government must hold a general election before 28 January 2025, this was a Budget designed to restore confidence and win voters. But on the heels of Britain entering a recession and downgraded Office for Budget Responsibility (OBR) forecasts, the Chancellor had his work cut out.
by Ali Miah | 3 Nov 2023 | Uncategorized
SALARY OR DIVIDEND BEST IN 2023/24?
In recent years many accountants have advised their director/shareholder clients that the most tax efficient method of extracting profit from their family company was to pay themselves a low salary, at or around the £12,570 personal allowance, with the balance in dividends.
by Ali Miah | 6 Jun 2023 | Uncategorized
SHOULD DIRECTOR/SHAREHOLDERS #TAX ADVANTAGE OF THIS LOWER RATE?
The HMRC rate of interest on beneficial loans looks very attractive compared to the Bank of England Base rate of 4.5% and much higher rates charged by banks for unsecured loans.
by Ali Miah | 23 May 2023 | Uncategorized
Welcome to the May edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. 2022/23 P11d FORMS TO BE SUBMITTED ONLINE The deadline for filing the P11d forms to report benefits in kind in...
by Ali Miah | 12 May 2023 | Uncategorized
You don’t have to pay overtime providing you check that you will still be paying the employee at least the hourly national living or minimum wage rate when those extra hours are factored in. To avoid confusion, if employees have to work additional hours to get their job done ensure that their employment contracts specify whether those additional hours are paid and at what rate.
by Ali Miah | 15 Apr 2023 | Uncategorized
A large number of people have been underpaid their state pension. Payment of what’s owing is underway but if you receive such a payment, it may give rise to an income tax bill. What’s the issue?