Accounting News

Give From Income To Save Inheritance Tax

Give From Income To Save Inheritance Tax

Within a family scenario, there are many situations in which one family member may make a gift to other family members. However, the way in which gifts are funded and made can make a significant difference to the way in...

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When Should A Business Register For VAT?

When Should A Business Register For VAT?

All traders – whether sole traders, partnerships, or limited companies – are obliged to register to charge and pay VAT once annual sales reach a pre-set annual threshold. This threshold remains at £85,000 for the year commencing 1 April 2019. The...

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Workplace Pension Contributions Rise Takes Effect

Workplace Pension Contributions Rise Takes Effect

An increase in the minimum contributions employers and their staff must pay into their automatic enrolment workplace pension scheme took effect from 6 April 2019. From that date, the employer minimum contribution has risen from 2% to 3%, while the staff...

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Taxation Of Dividend Payments In 2019/20

Taxation Of Dividend Payments In 2019/20

Traditional advice would then be to extract any additional profits from the company in the form of dividends. Where dividends fall within the basic rate band (now £37,500) the rate continues to be 7.5% after the £2,000 dividend allowance has...

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Reporting Expenses And Benefits For 2018/19

Reporting Expenses And Benefits For 2018/19

Where employees were provided with taxable benefits and expenses in 2018/19, these must be notified to HMRC. The reporting requirements depend on whether the benefits were payrolled or not. Benefits not payrolled Taxable benefits that were not payrolled in 2018/19 must be reported...

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Family companies – Optimal Salary For 2019/20

Family companies – Optimal Salary For 2019/20

For personal and family companies it can be beneficial to extract some profits in the form of a salary. Where the individual does not have the 35 qualifying years necessary to qualify for the full single-tier state pension, paying a...

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Are You Paying The Minimum Wage?

Are You Paying The Minimum Wage?

The National Living Wage (NLW) and National Minimum Wage (NMW) increased from 1 April 2019. From that date, the NLW, payable to workers aged 25 and over, is set at £8.21 per hour. Workers under the age of 25 and...

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