This site uses cookies to improve your browsing experience and analyse use of our website. By clicking ‘I accept’ you agree and consent to our use of cookies. You can find out more about our cookies here. Find out more

May 2017

Sage and Cashplus join forces, to ease the pressure of Making Tax Digital for small businesses

Sage and Cashplus have announced that they have joined forces in order to support small businesses in getting ahead of the making tax digital legislation.

Phil Sampson
Read more
Should we give shares to children and pay £5,000 dividends tax free?

The introduction of the £5,000 tax free dividend allowance has tempted many family company shareholders to give shares to other family members so that they can be paid £5,000 a year tax free. (Note that this allowance reduces to £2,000 from 6 April 2018).

Angela Evans
Read more
Tax diary June

June is a very busy times in the tax calendar, with critical filing dates.  

Sue Lucas
Read more
Better to pay interest on your loan account than dividends if higher rate taxpayer

Ever since the introduction of the 7.5% increase in the rate of tax on dividends in April 2016, it has been more tax efficient for owner managed business shareholders to pay interest on their loans to the company rather than pay themselves dividends.

Mike Wakeford
Read more
Expenses and benefits for employees

Until 2015-16, it was possible to apply for a dispensation to exclude certain expenses and benefits provided to employees from the year end returns to HMRC: primarily the submission of forms P11D. These dispensations ceased to be effective from 6 April 2016. From this date many of the expenses covered by dispensations were exempted from the benefits legislation. The sorts of expenses covered include:  

Mike Wakeford
Read more
Beneficial loans to employees

In many cases, making loans to your employees or their relatives can create an obligation to report a beneficial loan to HMRC. The deemed benefit would be a taxable benefit in kind for the relevant employee, and would increase the employer’s Class 1A NIC bill at the end of the tax year.

Mike Wakeford
Read more