Limited Company

This tag is associated with 15 posts

New Dividend Tax Regime Post 5th April 2016

The first Conservative only budget in more than 19 years back in July 2015 was certainly not welcomed by the contracting community. From a contractor’s point of view one of the biggest changes announced in the budget is the change to the way in which dividends will be taxed from 6th April 2016. As it […]

Changes to tax relief for travel and subsistence claims for contractors

Changes to tax relief for travel and subsistence claims for contractors In August 2014 the government outlined plans in its Autumn Statement to change the way in which it allowed tax relief on certain travel and subsistence expenses to be applied. A consultation document was subsequently published for the Summer Budget in 2015, which gave […]

Real Time PAYE Starts in April 2013 – Important Information

Real Time PAYE Starts in April 2013 – Important Information The stressful Year End process of P35 and P14 submission will disappear starting from 6th April 2013, replaced with a submission to HM Revenue & Customs each time your business pays its employees. This is called Real Time Information, or RTI, and it will mean […]

Tax Planning – Maximum Profit Extraction

Tax Planning – Maximum Profit Extraction Increases in the National Insurance (NI) thresholds from 6th April 2013 will increase the optimum annual salary for Directors. The Primary Threshold (PT), the point at which salaries become chargeable to NI for employees, will rise to from £7,592 to £7,748 per year and the Secondary Threshold (ST), the […]

IR35 Update

Amendments to IR35 (intermediaries legislation) The government announced recently that the IR35 rules are to be changed to ensure that the legislation applies to office holders or anyone regarded as an office holder for tax purposes. This follows media criticism of public bodies using personal service companies in situations where it was not always clear […]

IR35 – HMRC’s Latest Risk Assessment Tests

IR35 – HMRC’s latest Risk Assessment Tests HMRC has now unveiled its latest attempt to provide more clarity over IR35 and a number of internet sites are already portraying the new risk assessment tests as an updated indicator of whether or not a contractor is likely to be subject to IR35. This is not the […]

Budget 2012

Budget 2012 The Chancellor of the Exchequer George Osborne presented his Budget for 2012 to Parliament on 21 March 2012. Headline summaries of the main announcements which affect businesses and individuals and listed below (source HMRC website www.hmrc.gov.uk) Income tax rates and Allowances 2012-13 and 2013-14 As announced at Budget 2011, the income tax allowance […]

Profit Extraction – 6th April 2012

Tax Planning – Maximum Profit Extraction Increases in the National Insurance (NI) thresholds from 6th April 2012 will increase the optimum annual salary for Directors. The Primary Threshold (PT), the point at which salaries become chargeable to NI for employees, will rise to from £7,228 to £7,592 per year and the Secondary Threshold (ST), the […]

Employment Taxes updates – October 2011

Employment Taxes updates – October 2011 –      Two First Tier Tribunal cases on employment tax status –      A reversal for Total People Ltd in the Upper Tribunal (lnvolving NIC refunds on car allowances) –      New HMRC guidance on visits to the UK where employees are seconded on full time contract abroad lan Mitchell v HMRC […]

Olympics contracts for small & medium sized Companies

Small and medium-sized companies hoping to win Olympics contracts are invited to take advantage of an HMRC online advice seminar this month. The HM Revenue and Customs (HMRC) online webinar will run on 27 July at 6pm, and can be downloaded free from the internet thereafter. It is estimated that the Olympic and Paralympic Games […]