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 […]
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.
Company cars are a popular benefit and are often something of a status symbol. But, they have also been an easy target for the taxman. Where a company car is available for private use, the employee is taxed on the associated benefit that this provides. The amount that is charged to tax – the cash […]
How much can you withdraw as a Dividend? Dividends are not meant to be another form of remuneration, but are the format in which you can distribute surplus profits to shareholders. It is therefore important to ensure that you do have excess profits before any dividend is approved. This may sound obvious, but smaller businesses […]
Parents with children in childcare have an important decision to make in 2017. The Government will launch the new Tax Free Childcare Account (Childcare Account) and for the self-employed parents this will mean that they have access to tax incentivised childcare for the first time. But for employed parents (including company directors) the decision to […]