For owner-managed companies, bonuses, dividends and remuneration will become yet more complex in the new tax year. With the corporation tax increase and dividend rates now confirmed by the Government, the dividend vs remuneration decision…
The rise of mini umbrella company fraud
The rise of mini umbrella company fraud continues to concern HRMC which has recently updated its guidance for businesses that either place or use temporary labour. Mini umbrella companies can be used to abuse the…
Six-fold increase on late payment interest rates
HMRC late payment interest rates have now been raised six times during 2022 – from 2.6% at the start of the year to a current rate of 4.25%. However, at least there’s some good news,…
Pension top-ups for lower-paid employees
Employees who contribute to an occupational pension scheme under a net pay arrangement do not currently benefit from any tax relief if their earnings are below the personal allowance. This anomaly will be rectified from…
Setting new taxpayer records
New data from HMRC reveals there are now over six million people paying higher or additional rate tax in the UK. In recent years, the end of June has been the time for HMRC to…
Has a 60% income tax rate reappeared?
The high marginal tax rates created by phasing out the personal allowance are back in the news. ‘A million to pay 60% income tax within years,’ ran a recent headline in The Sunday Telegraph. The…
Tax implications of no fault divorce
No fault divorce became a reality in April this year. Although it brought no associated changes to the tax rules, divorcing couples should now be in a better position to focus on financial issues –…
Charitable giving pitfalls
Many individuals donate to charity simply for altruistic reasons, but this doesn’t mean the tax benefit should be ignored. With Gift Aid donations saving tax at an individual’s marginal rate, donors need to watch out…
Off-payroll mistakes now penalised
The private sector off-payroll working rules have been in place since April 2021, but for the first 12 months businesses have benefitted from HMRC’s relaxed stance on penalties. HMRC will now, however, penalise mistakes made…
Sharp rise in higher rate taxpayer numbers…….
......and if that’s you, then advice is now more important than ever. There was once a time when paying tax at more than the basic rate made you a member of a somewhat select club.…