Posts by Mark

Are you the director of your Limited Company? If so, then you must pay employers’ as well as employees’ National Insurance Contributions on salaries that your company pays out (which are above the NI threshold).  National Insurance Contributions are only payable on salaries, not dividends, so there are significant tax benefits to company directors taking […]

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ELECTION TAX PROPOSALS – MORE MONEY FOR 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 […]

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How to pay yourself as an employee of your limited company Through your Limited Company, in most cases, you will pay yourself via a combination of salary, dividends and perhaps through contributing to a pension too. The most important thing to keep in mind when paying yourself is to plan for tax well in advance, […]

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WHEN WILL BUDGET DAY BE NOW? It was announced on 14 October that Sajid Javed’s first budget would be on 6 November but with a general election in December when will it be now? The current political uncertainty makes it difficult to give clear tax advice as a number of key proposals in the draft […]

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How to prepare an exit strategy for your small business You may wish to part ways with your business for a number of reasons, whether you’re a serial entrepreneur, or perhaps your business is struggling and you just want to move on. Either way, an exit strategy for selling the business is key. Here we […]

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GOVERNMENT U-TURN ON PENSION TAX FOR DOCTORS AND OTHERS? In earlier newsletters we reported that hospital doctors and GPs were lobbying the government to amend the pension tax rules as the current system of restricting tax relief on pension contributions means many doctors paying almost all of the extra salary back in tax if they […]

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The Scottish Government are providing grants of between £2000 and £4000 to help small and medium sized enterprises in Scotland manage a wide range of Brexit impacts. To qualify for the grant you have to be either a; VAT registered small to medium sized enterprise (basically this means less than 250 employees and less than […]

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OFF-PAYROLL WORKING RULES GOING AHEAD The draft Finance Bill clauses issued for consultation on 11 July include legislation to extend the “off-payroll” working rules to the private sector from 6 April 2020. These changes will have significant implications for workers providing their services through personal service companies and also the end user organisations that engage […]

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A STAFF SUMMER PARTY CAN BE A TAX-FREE BENEFIT Your organisation may have an annual Christmas party for staff, but the tax rules also allow staff parties at other times of the year which are a tax-free benefit if certain conditions are satisfied. The exemption applies to an annual party (for example, a Christmas party), […]

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When starting up your own business, the alternative to setting up a limited company is to register as a sole trader or become a member of a partnership. If you decide to trade as a sole trader then you will be classed as ‘self-employed”. The following guide advises how to register as a sole trader […]

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