Don’t rely on HMRC’s PAYE tools to help with auto enrolment

You may be aware that HMRC has launched free auto enrolment software aimed at helping businesses with fewer than 10 employees to manage their new pension duties.

New Tax Free allowances start on 6 April

The £5,000 dividend and savings allowance of up to £1,000 have been with us since 6 April 2016. There are now two further allowances available since 6 April 2017.

Does the new 16.5% VAT flat rate percentage apply to your business?

The new VAT flat rate of 16.5% started to apply from 1 April 2017 for “limited cost traders”.

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.

Should you 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).

Additional IHT relief for passing on family home started 6 April

For deaths on or after 6 April 2017 there is now an additional £100,000 inheritance tax (IHT) allowance where the family home is passed on to direct descendants.

U-Turn on Self-Employed NICs - for now

In his first Budget on 8th March, the new Chancellor Phillip Hammond announced that he would level the playing field between employees and the self-employed by increasing Class 4 National Insurance Contributions (NICs) from 9% to 10% from 6 April 2018 and then to 11% from 6 April 2019.

New trends in Online Search

The online world is constantly evolving. As such, the way that people use online search engines such as Google, Yahoo, Bing, etc. is changing all the time.

Gender Pay Gap Reporting becomes law

Employers with more than 250 staff are now required by law to report gender pay gaps, following the introduction of new legislation.

Selling land to a developer - Is that Trading or a Capital Gain?

Farmers and other landowners will often be approached by developers seeking to obtain planning permission to build on the land.