For some of us the state pension age is fast approaching. Where that is the case you should receive a letter from the Pension Service, certainly no later than 2 months before you reach that milestone. You do have to actually claim the state pension to receive it and how you do so is laid out in the correspondence. In the vast majority of cases you will make the claim and the pension will be paid across, usually within 5 weeks of reaching state pension age.
The dividend allowance, which was originally introduced from 6 April 2016, was cut from £5,000 a year to £2,000 from 6 April 2018. The cut is likely to have a significant impact on employees and directors of small businesses who receive both salary and dividend payments. Many family-owned companies allocate dividends towards the end of […]
If you are looking at buying your first home or know somebody else who is considering doing so, such as your children or grandchildren, then this Government backed savings scheme might be an option. This has been available since December 2015 and is aimed at first time buyers aged 16 or over who are looking to save up a deposit for the purchase of their first home. The Government adds a bonus of 25% to your savings up to a maximum of £3,000. This is per person. It can be used as a purchase of a first time buyer’s home worth up to £450,000 in London or £250,000 in the rest of the UK.
Spring is in the air and traditionally this is the time of year when couples marry.
Possibly the most important item on the wedding shopping list is the bride’s gown. According to Bride Magazine the average cost of a wedding dress in the UK in 2018 was £1,378, with a particular royal wedding dress reported to be in the £100,000 price range.
What was your most interesting part of yesterday’s budget? For us it was the clear focus on business and the support to help businesses grow. With new allowances for electric vehicle charging facilities, for building new commercial structures and buildings and an increase in the level of tax relief designed to encourage businesses to spend […]
Many small businesses, whether incorporated or not, pay family members for working for the business. However, as a recent case shows, it is easy to make mistakes which can prove costly.
MORE TAX The tax and NI treatment of termination payments currently depend on whether or not they are classed as earnings. This has often not been clear cut and factors such as whether the payments were provided for contractual reasons have had to be considered. For instance, the treatment of payments in lieu of notice […]
Driving a van as your company vehicle has tax advantages over a car. The tax charge is generally low compared with a car, and can even be zero in circumstances where a car would be taxable. What conditions must be met for tax-free use? Van tax rates In his Autumn Budget 2017 the Chancellor announced an increase in the taxable benefit in kind for employees (including directors) […]