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Employer national insurance contributions for apprentices abolished
Employers with apprentices under the age of 25 will no longer need to pay national insurance contributions (NICs) for them.
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Property and help to buy
More than 150,000 people have bought a home using the Help to Buy Scheme since its launch in 2013. The mortgage guarantee scheme, which allows lenders to buy a guarantee on mortgage loans, has proved popular with first-time buyers. The Treasury reports that 79% of mortgage completions through the mortgage guarantee scheme were people buying…
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Lack of management skills limit business growth
A lack of leadership and management skills may be inhibiting the growth of businesses. Just under half of new start-ups in the UK last less than 3 years. The UK also has a growing productivity gap, currently 18% below the G7 average.
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Succession planning for a family business
A guide to transferring a business to a family member. There are more than 3 million family businesses in the UK, which between them employ more than 9 million people and contribute 15% to GDP. Despite these successes, family businesses often experience difficulties when it comes to passing their businesses to younger generations.
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A guide to reducing an individual’s tax liability
The overriding aim of all personal tax planning is to legally reduce the amount of tax paid on an individual’s income. This income can come from a number of sources and the tax reduction strategies available will be based on the reliefs and allowances applicable to each source.
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National living wage: employer responsibilities
Employers must now pay workers over the age of 25 at least £7.20 an hour. The national living wage (NLW) replaces the current national minimum wage (NMW) of £6.70 an hour for people who are 25 or over. This is not a simple increase of the adult rate of NMW as individuals between 21 and…
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Business announcements from Budget 2016
Chancellor George Osborne delivered his Budget 2016 on 16 March 2016 and outlined several changes national insurance, corporation tax and stamp duty. Some of the headline measures relating to businesses announced in the Budget include: Corporation tax – the rate of corporation tax will reduce to 17% by 2020 Business rate relief – the doubling…
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The Salary or dividends question in 2016/17 ?
What’s the most tax-efficient way to pay yourself in 2016/17? Owner-managers and contractors often pay themselves in a combination of salaries, bonuses and dividends. But what are the pros and cons?
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Residence and domicile and the tax position
A large part of a person’s legal identity is based upon where they live at any one time and how long they will be staying there. If you stay in the UK for a prolonged period of time, you are going to be liable for tax at some point. The exact point and how much…
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Minimising Corporation Tax
A look at the strategies available to companies that are looking to minimise their corporation tax bill. The UK has one of the lowest rates of corporation tax in the developed world. Additionally the infrastructure of corporation tax reliefs available to any company or organisation based in the UK is one of the more…
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2016 – Making the most of your savings.
A guide on how to using your savings to improve your financial position. People often have a slightly misjudged opinion of their savings as a sedentary block of assets that only creeps forward at a glacial pace due to the interest it generates. The idea that an individual’s savings can be turned into a productive…
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The what, when, why and how of Self-assessment tax returns
At the end of the year, most people have other things on their minds than tax returns. It would be a stretch to say it’s an enjoyable experience, but getting self-assessment done and dusted as early as possible removes the stress of a last-minute submission and certainly makes the process more bearable. This guide will…
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Property tax
A guide to tax when buying, renting out and selling property. When the Chancellor George Osborne announced that he was curbing tax breaks for landlords in Summer Budget 2015, there was speculation that it would result in thousands of landlords selling up and getting out of the property business. This was because the changes would…
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Employee share shave schemes
A guide to the advantages, potential problems and types of share schemes available to employees. The number of businesses that offer employee share schemes has doubled since 2000, according to HMRC. Giving employees the chance to invest in their company can help an employer improve retention, attract staff and raise funds. For employees, there’s the…
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R&D tax relief
The government spends around 0.49% of GDP on funding research and development (R&D), prompting business groups to call for an increase to help increase growth.
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Forming a Limited Company
The number of private sector businesses has reached a new record of 5.4 million, the Department for Business, Innovation and Skills has announced. There are now 900,000 more businesses compared to 2010, while the number of businesses that employ people has also risen by 35,000 from 2014. Small businesses make up 99.3% of all businesses…
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Staff bonus and rewards
This article outlines some of the different ways employers can reward their staff and the tax implications of each approach. Seemingly as quickly as it came, another year is galloping off into the distance and people’s minds are beginning to turn to the festive holidays. Employers will want to show their staff that the year’s…
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Payroll
This guide looks at some of the common payroll problems and choosing payroll software. Running payroll is one of the less glamorous aspects of being an employer. However, it is often the mundane tasks that are the most crucial. Failing to pay your staff would quickly lead to a very unhappy workforce. While neglecting your…
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Top up your State pension ?
From 12 October 2015, eligible individuals will be able to begin topping up their state pension by up to £25 per week. The lump sum payments, known as ‘class 3A voluntary contributions’, can be made up until 5 April 2017 by those that are entitled to a basic state pension before 6 April 2016. For…
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Minimum wage increase from 1st October 2015
The adult rate of the national minimum wage (NMW) is set to rise by 20p to £6.70 on 1 October 2015. As well as the change to adult rate: the apprentice rate increases by 57p to £3.30 the rate for 18 to 20 year olds will rise by 17p to £5.30 those aged 16-17 will…
