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

National Insurance Contributions and Company Directors

National Insurance Contributions (NIC) and company directors Special rules apply to company directors when it comes to calculating their Class 1 National Insurance liabilities. Why the rules? Directors, particularly of personal and family compan...

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Amend your PSA for Covid-19 related benefits

Amend your PSA for Covid-19 related benefits A PAYE Settlement Agreement (PSA) enables an employer to meet the tax on certain benefits and expenses on the employee’s behalf. This can be useful to preserve the goodwill nature of a benefit. Not all benefits ar...

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No retained profits – Can you extract cash to cover your living expenses?

What should you do if your business doesn’t have enough profits to pay a dividend? If you operate through a limited company, for example as a personal or family company, you will need to extract funds from your company in order to use them to meet your personal bills. Th...

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Freezing of allowances and thresholds

Freezing of allowances and thresholds To help meet some of the costs incurred in dealing with the Covid-19 pandemic, the Chancellor announced in his 2021 Budget that a number of allowances and thresholds will remai...

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Reporting expenses and benefits for 2020/21

Reporting expenses and benefits for 2020/21 Employers who provided taxable expenses and benefits to employees during the 2020/21 tax year will need to report these to HMRC, on form P11D...

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Reduced rate of VAT

Reduced rate of VAT To help the hospitality and leisure industry recover from the impact of the first national lockdown, a reduced rate of VAT of 5% was introduced for a limited period from 15 July 2020. The reduced rate of VAT was originally to apply until 12 January 202...

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Can you claim the Employment Allowance for 2021/22?

Can you claim the Employment Allowance for 2021/22? The Employment Allowance is a National Insurance allowance that enables eligible employers to reduce their employers’ (secondary) Class 1 National Insurance bill by up to £4,000. However, not all employers can claim th...

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Further grants for the self-employed

Further grants for the self-employed The Self-Employment Income Support Scheme (SEISS) has provided grants and support for self-employed individua...

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Take advantage of the enhanced carry back of losses

Take advantage of the enhanced carry back of losses Many businesses have suffered losses as a result of the Covid-19 pandemic, and where a business has made a loss, various options are available to obtain relief for that loss. The challenge is to make the best use of the l...

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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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