News Archive for: Tax Advice

Up-to-date tax news and articles that explore your tax efficiency.

Taking on an employee – the tax reliefs

Taking on an employee might seem very daunting but there are some great tax reliefs which make it cheaper than you may have thought. Let’s say you wanted to take on a junior and give them a salary of £19,200 a year which is £1,600 a month. This would work out on average as follows: £1,334.38 would be paid to your employee £153.18 would be paid in PAYE to HMRC £112.44 would be paid in Employee’s National Insurance Contributions (NIC) to HMRC £0.00 in Employer’s NIC due to the Employer’s...

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Self Assessment 2013-14

Christmas will fast be up-on us and one of the last things you may want to be thinking about is your personal tax return. However……. ………it is due by the 31 January 2015. Do you really want to leave it until the last minute? Get it done now, in the next two weeks before the end of the year and start the new year with no tax headaches. Get in touch today for more information and to get your return out of the way so you can enjoy the festive period.

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Osborne abolishes the pension ‘death tax’ at the Conservative Party Conference

George Osborne has announced in his speech at the Conservative Party Conference in Birmingham, that the 55% inheritance tax levied on defined contribution pension pots will be abolished. In his speech to his Conservative Party peers, George Osborne pledged that a Conservative Government would “choose the future, not the past” and asked the people of Britain to do the same. He put forward his case that the Conservatives would “raise the ambition of the nation so that everyone has the chance...

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Donating to charity and sponsorship

Charitable donations made from your Ltd Company to a registered charity are always a tax deductible payment. The charity enjoys 100% of the donation and your company enjoys 20% Corporation tax relief. By making the donation through your company you are also avoiding having to draw the funds out of the company through a salary or a dividend payment and therefore not suffering an income tax or National Insurance charge. Sponsorship Sponsorship is a little bit more tricky. Common sense must be used...

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