Budget 2020

By Natalie Ford

Coronavirus £5bn emergency response fund to support the NHS and other public services Statutory sick pay will be paid to all those who are advised to self-isolate, even if they have not presented with symptoms Self-employed workers who are not eligible for sick pay will be able to claim contributory Employment Support Allowance The ESA…

Property Capital Allowances

By Natalie Ford

Capital Allowances is a form of tax relief which can provide a valuable tax saving if claimed on certain property expenditure. Capital Allowances are available to owner occupiers, companies, small enterprises, partnerships, individuals and overseas investors. Who can claim? Anyone who owns an interest in a property, whether it be a freehold, leasehold or as…

Property CGT Update

By Natalie Ford

Capital gains tax payment date Current Rule Currently any capital gains tax is recorded on an individual’s personal tax return and the tax is payable on the 31 January following the end of the tax year (the 5 April).  New Rule From 6 April 2020, within 30 days of completion of sale, it will be necessary to submit a…

Pension Contributions from your Limited Company

By Natalie Ford

If you have a limited company, contributing to a pension can bring significant tax advantages. Pension contributions can be treated as an allowable business expense and offset against your company’s corporation tax bill. If you run your own business and it’s incorporated as a limited company, you can make personal pension contributions to a pension…

Tapered Pension Annual Allowance

By Natalie Ford

Key points The tapered annual allowance was introduced from 6 April 2016. For the taper to apply, the limits on threshold income and adjusted income must both be exceeded. For every £2 of adjusted income over £150,000, an individual’s annual allowance is reduced by £1. Why the tapered annual allowance was introduced In an attempt…

19/20 Tax Planning for Directors

By Natalie Ford

Optimum limited company director salary and dividends 2019/20 If you operate through your own UK limited company, you’ll often want to use the optimum tax planning strategy of extracting money from your company through a combination of dividends and a low salary. This blog outlines the most tax efficient salary and dividend structure for the…

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