0113 246 1234

News Stories

What is the best way to extract funds from your company?

  • Posted On: 28 June 2017
What is the best way to extract funds from your company? Director shareholders are wont to ensure that they pay the lowest amount of tax and NIC consistent with their obligations under the relevant legislation. For many years, director shareholders have followed a high dividend, low salary extraction

Implementing a Cycle to Work Scheme

  • Posted On: 28 June 2017
Implementing a Cycle to Work Scheme The Cycle to Work scheme was introduced in 1999 to help promote a healthy commute to work. The scheme allows employers to provide (technically loan) bicycles and cyclists’ safety equipment to employees as a tax-free benefit. Where the scheme

Tax-free employee suggestion schemes

  • Posted On: 28 June 2017
Tax-free employee suggestion schemes Do you have an employee suggestion scheme in place? There are still commercial and tax advantages to setting up such a arrangement. HMRC offers two tax-free award schemes that can be made available to employees: Encouragement awards - for good

Swapping salary for pension benefits

  • Posted On: 28 June 2017
Swapping salary for pension benefits Employers and employees may have noticed that HMRC has clamped down on the tax and NIC benefits of some aspects of salary sacrifice schemes. The changes are being rolled out gradually from April 2017, and will affect a number of employees who have

Are pension benefits received taxable?

  • Posted On: 28 June 2017
Are pension benefits received taxable? As our readers are most likely aware, there are special rules which allow individuals who set up private pension scheme(s) to benefit from significant tax reliefs when saving for their retirement. There is no overall limit to the amount of employer

What does the Queen’s Speech mean for employment law?

  • Posted On: 27 June 2017
What does the Queen’s Speech mean for employment law? With the General Election having returned a minority government and with the government’s priority being to legislate for Brexit, a rather more modest agenda for employment law reform was outlined in the Queen’s Speech 2017 than originally may have

Tax Diary July/August 2017

  • Posted On: 27 June 2017
1 July 2017 - Due date for Corporation Tax due for the year ended 30 September 2016. 6 July 2017 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2017 - Pay Class 1A NICs (by the 22 July

Are we seeing the end of tax-free benefits?

  • Posted On: 22 June 2017
Are we seeing the end of tax-free benefits? There have been changes to the tax rules for certain Benefits in Kind which are provided as part of salary sacrifice schemes. These changes, which started coming into effect in April of this year, are beginning to have an impact on certain tax-free

Gifts to a charity or your spouse

  • Posted On: 22 June 2017
Gifts to a charity or your spouse There is usually no Capital Gains Tax (CGT) to be paid on the gift of assets between married couples and civil partners. However, there is still a disposal that has taken place for CGT purposes, effectively, at no gain or loss on the date of the

How will your business be affected by Making Tax Digital?

  • Posted On: 22 June 2017
How will your business be affected by Making Tax Digital? The introduction of Making Tax Digital (MTD) will fundamentally change the way companies, the self-employed and landlords interact with HMRC. The new regime will require businesses and individuals to register, file, pay and update their information