News and Updates
Tax Free Child Care Scheme
Employer Supported Childcare (ESC) The Childcare Vouchers scheme currently in place is due to be replaced by the tax free childcare scheme from Autumn 2015. The new scheme will eventually be worth up to £1,200 per child and so save a typical working family with two...
Budget 2013
Main Tax Proposals Personal allowance £10,000 from April 2014 Employment allowance £2,000 per year New scheme for tax free childcare Reduction in main rate of corporation ta to 20% from 1 April 2015 Employee-shareholder contracts will be exempt from income tax and NIC...
Tax planning
5 April 2013 Once again we are approaching the end of the tax year. At this time of year it is important to look at the annual tax reliefs available and make sure that where possible we have utilised these as many will be lost as soon as we reach 6 April 2013. ISA...
Universal Credit
Universal credit is the new support payment for those looking for work or on a low income. It replaces: Child tax credits; Working tax credits; Income support; Housing benefit; Income-based job seeker's allowance; Income-related employment and support allowance. It...
Finance
There are numerous sources of finance available but actually securing it and ensuring it is the right source of finance can be a major challenge. The following aims to provide an overview of some of the sources and some of the considerations when raising finance. The...
Child Benefit
Child benefit is being withdrawn through an income tax charge in households where someone has an income of over £50,000 per year. If this income is between £50,000 and £60,000 the income charge will apply gradually and only where the income exceeds £60,000 will child...
Additional rate tax planning
Additional rate tax payers Individuals with income above £150,000 are subject to additional rate tax at 50%. Although it may seem a fortunate position to be in, giving half your earnings to the tax man is not pleasant. However, after 5 April 2013 this tax rate is...
Taxable vs Accounting Profit
Tax computation Have you ever wandered what adjustments your accountant makes and why? The net profit in the accounts is only the starting point for the calculation of taxable profits, the accountant will make adjustments for the following: Expenses charged in...
Benefits
Benefits in Kind Definition: Employee benefits and benefits in kind (also called fringe benefits or perks) are various non-wage compensations provided to employees in addition to their normal wages or salaries. The term is used by H M Revenue and Customs (HMRC) to...
Pensions
Pensions for employees From October 2012 and 2017 all employers will need to have a registered pension scheme into which they will auto enrol all eligible staff into and will also have to pay contributions into it. Employees If you have employees: not already in a...