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Gifts Out Of Surplus Income

Inheritance tax only applies to gifts of capital. There is currently a very generous exemption from inheritance tax for regular gifts out of income. In order to qualify for the exemption it is important to set up regular transfers. You must also be able to prove that after the regular gifts you are left with […]

Read more January 9th, 2020

Do You Have Tax To Pay On Your Dividends In January?

The rules for taxing dividends changed radically from 6 April 2016 with the removal of the 10% notional tax credit and the introduction of new rates of tax on dividends. For many taxpayers that means more tax to pay on dividends on 31 January each year. If you are a higher rate taxpayer and received […]

Read more January 9th, 2020

Conservative Party Elected With Working Majority

Now that Boris Johnson and his Conservative Party have won the General Election will we finally “Get Brexit Done”? More importantly, can the Government now get on with running the country and sorting out urgent issues such as the NHS? The Budget date has now been announced for Wednesday 11th March. This Budget is likely […]

Read more January 8th, 2020

Advisory Fuel Rates For Company Cars December 2019

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 December 2019. Where there has been a change the previous rate is shown in brackets. You can continue to use the previous rates for up to 1 month from the date the new rates apply. For hybrid cars use […]

Read more January 7th, 2020

Key Business Trends For 2020

The environment, wellbeing, mental health and technology look set to be some of the big business trends in 2020. As we move into 2020, businesses will have to adapt to a world that places greater emphasis on sustainable business practices. People will want to work for firms that take care of their employees in terms […]

Read more December 19th, 2019

Executing Your Strategy

Having a good strategy is one thing, executing it well can be a huge challenge. Many business owners and managers are familiar with the scenario: you arrange a strategy day with your team, capture the outputs and create a strategic plan. Everyone goes back to the office, the strategy paper gets filed and that is […]

Read more December 19th, 2019

Reduce Debtor Days To Improve Cashflow

Cashflow is king in any business. Yet cash flow is one of the areas that many businesses struggle to manage. Customers are reluctant to part with their money, even if it’s to pay for your goods or services. As such, it can take a while for them to pay their invoices. While longer debtor days […]

Read more December 19th, 2019

Data Protection Fees

Companies which are not registered with the Information Commissioner’s Office (ICO) are currently receiving a notice that their Data Protection Fee may be due by 17 January 2020. Many companies will already have received this notice. Under the GDPR regulations arising in 2018, any business that processes personal information is required to pay this fee […]

Read more December 19th, 2019

The Future Of Work

There is a lot of jargon out there around “the future of work”. What does it really mean for businesses? There is a lot of buzz around trends like artificial intelligence (AI), machine learning, blockchain, remote working, agile working, augmented reality (AR) and various other new concepts. As technology improves we have new opportunities to […]

Read more December 19th, 2019

Gifts To Charity

Where possible higher rate taxpayers should “Gift Aid” any payments to charity to provide additional benefit to the charity and for the individual to obtain additional tax relief on the payment. For example, where an individual makes a £20 cash donation to charity the charity is able to reclaim a further £5 from HMRC making […]

Read more December 16th, 2019

Early Electronic Payment Deadline For PAYE

In December the electronic payment deadline for PAYE falls on Sunday 22nd. To make sure your payment reaches HMRC in time, you need to have cleared funds in HMRC’s account by the 20th December, unless you are able to arrange a Faster Payment. It is your responsibility to make sure payments are made on time […]

Read more December 11th, 2019

Christmas Gifts Of Up To £50 To Employees

Remember that certain gifts to staff at Christmas are tax free if structured correctly. Ever since April 2016 employers are allowed to provide their directors and employees with certain “trivial” benefits in kind tax free. The rules were brought in as a simplification measure so that certain benefits in kind do not now need to […]

Read more December 11th, 2019

More Money For Social Care?

In every General Election since 1997 there have been pledges by the various political parties to resolve the funding of care for the elderly in the UK but yet nothing has happened. It even sparked a dramatic U-Turn by Teresa May in 2015 with her proposal for a so-called “dementia tax”. With the care system […]

Read more December 11th, 2019

2019 Election Tax Proposals

More money for the NHS? The various political parties have all made bold promises in the run-up to the General Election about increased spending if elected, particularly extra money for the NHS. Although many of the spending pledges will be funded out of increased borrowing, the parties have assumed that they can persuade voters that […]

Read more December 10th, 2019

Using The Cycle To Work Scheme

The Government has recently announced that the previous £1,000 limit on the cost of a bicycle provided under the “Cycle to Work” scheme has been removed. This will apply where the employer uses a firm authorised by the Financial Conduct Authority (FCA) to hire out cycles to employees who use them to commute to work. […]

Read more December 9th, 2019