Blog

Involving children in your business

Whilst it is possible to involve your children in your business, this is a strategy that should be approached with caution. Giving shares in your company to minor children is perfectly possible, but any dividends that you pay to under eighteens will be treated as if the income belonged to the relevant parent. HMRC would…
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Organising a trading name for your company

We are often asked to register a trading name for an existing company. Usually, this is done so an incorporated business can develop a new brand with a name that is different to their existing company name. Unfortunately, there is no formal process that can be employed to do this; no registrar of trading names.…
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Saving to pay tax

If you are employed, or receive a pension from a non-State provider, any tax you should pay is probably deducted before payment under the PAYE rules. Assuming HMRC administer this process correctly, any taxes due should be settled in full. However, the self-employed, those in receipt of significant dividends or bank interest, and retired persons…
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Dying without a Will, bad idea

Many people die without making a Will. In legal terms, this means they die “intestate”. When this happens, the estate must be shared out according to certain rules. Individuals who may benefit under these rules are: Married partners and civil partners at the time of death. This includes separated partners but not divorced partners or…
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Minimum Wage legislation

No-one is going to complain if you pay more than the National Minimum Wage or National Living Wage rates – which ever applies. However, there are matters you will need to consider if you pay less than the appropriate minimum wage rates. The minimum wage legislation applies to workers or employees. It does not apply…
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Tax Diary August/September 2017

1 August 2017 - Due date for Corporation Tax due for the year ended 31 October 2016. 19 August 2017 - PAYE and NIC deductions due for month ended 5 August 2017. (If you pay your tax electronically the due date is 22 August 2017) 19 August 2017 - Filing deadline for the CIS300 monthly…
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Making Tax Digital E common sense prevails

Making Tax Digital (MTD) is the government’s latest attempt to fully digitise the process of collecting data from taxpayers so they can speed up the process of calculating how much tax you owe. Until recently, we were facing radical changes to the tax system to accommodate this objective. Businesses (including landlords) were to be required…
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Director minimum salary levels 2017-18

Many director shareholders take a minimum salary and any balance of remuneration as dividends. This tends to reduce National Insurance Contributions, and in some case Income Tax. The planning strategy is to pay a salary at a level that qualifies the director for State benefits, including the State Pension, but does not involve payment of…
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Rangers tax scheme kicked into touch

There has been a long running tax case rumbling through the lower courts on the use of a device called an Employee Benefit Trust (EBT) by Glasgow Rangers Plc. HMRC have considered the use of the EBT a scheme to avoid PAYE and NIC. The case has now been considered by the Law Lords in…
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Possible changes to tax rules for companies

There is a government department, the Office for Tax Simplification (OTS), that has been charged with investigating ways that the UK’s tax rules can be changed to make them easier to understand and easier to use. The OTS has recently issued a new report on the proposal to simplify the Corporation Tax assessment process for…
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