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Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency

Personal and family companies – Optimal salary for 2021/22

Personal and family companies – Optimal salary for 2021/22 A popular profit extraction strategy for shareholders in personal and family companies is to pay a small salary and to extract further profits as dividends. The optimal salary will depend on whether the employmen...

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National Insurance contributions for 2021/22

National Insurance contributions for 2021/22 The 2020/21 tax year starts on 6 April 2021. From that date, new thresholds apply for National Insurance purposes. Employees and Employers Employees pay primary ...

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Statutory payment changes from April 2021

Statutory payments from April 2021 By law, there are various statutory payments that an employer must make to an employee while the employee is absent from work. This can arise from  the birth, adoption or death of a child. The employer must pay employees who meet the qua...

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National Minimum Wage changes from April 2021

National Living Wage and National Minimum Wage changes from April 2021 Under the minimum wage legislation, workers must be paid at least the statutory minimum wage for their age. There are two types of minimum wa...

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Electric cars from April 2021 – what you need to know!

Electric cars from April 2021 For 2020/21, it was possible to enjoy an electric company car as a tax-free benefit. While this will no longer be the case for 2021/22, electric and low emission cars remain a tax-efficient benefit. How are electric cars taxed?...

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Are you trading? Tax implications you need to know about!

Are you trading? Lockdown restrictions have forced many businesses to close temporarily. Selling goods or clothes on sites such as eBay and Depop offers the opportunity to raise some much-needed cash in these difficult times. However, it is important that you know the asso...

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Check if you can reclaim SSP paid to employees due to coronavirus

Reclaiming SSP for periods of self-isolation The Coronavirus Statutory Sick Pay Rebate Scheme allows smaller employers to reclaim some or all of the Statutory Sick Pay (SSP) paid to employees who are absent from work due to a Coronavirus-related absence. ...

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Make the most of the dividend allowance until April

Make the most of the dividend allowance The 2020/21 tax year comes to an end on 5 April 2021. The last few months of the year are a good time to undertake a review and to ensure that your dividend allowance for the year is not wasted. Nature of the dividend al...

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Should I reduce my payments on account?

Should I reduce my payments on account? The deadline for filing your 2019/20 tax return is fast approaching, as is the due date for the first payment on account for 2020/21. Now is the time to think about whether you can reduce your payments on account. Need t...

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Making tax-free payments to employees working from home

Making tax-free payments to employees working from home As a result of the Coronavirus (COVID-19) pandemic, many workers have been forced into working from home. While working from home saves the costs of commuting to the workplace and perhaps allows workers to adopt a mor...

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