Companies
Remuneration of wages and pensions to family members
Remuneration of wages and pensions to family members Paying salaries and pension contributions to spouses or close relatives in a business can be legitimate, but this is a grey area and has historically been of interest to HMRC. If one spouse is the ...
Benefits in Kind, P11D, and PAYE Settlement Agreements
Benefits in Kind, P11D, and PAYE Settlement Agreements (PSA) Employers often provide employees with non-cash benefits, known as benefits in kind (BIK). These can range from company cars to private medical insurance and are subject to tax and National ...
Wrongful trading
Wrongful trading occurs when directors continue to trade and incur debts on behalf of the company when they knew or ought to have known that there was no reasonable prospect of avoiding insolvent liquidation. Under UK insolvency law, directors must ...
Corporation tax & associated companies
Corporation tax & associated companies From 1 April 2023, the Corporation tax rate changed from 19% to 25% for companies with profits above £250,000. Companies with profits between £50,000–£250,000 will still be taxed at 25%. Still, they may be ...
Employer responsibilities
As an employer, you are responsible for dealing with matters in connection with the employment of staff, and you will need to ensure that the following matters have been done. 1. Check if they have a legal right to work in the UK This link advises ...
Investing in a property via a Company
Investing in property via a Company There are various advantages and disadvantages of using a Special Purpose Vehicle company (SPV) to purchase a property. Most of them depend on your current marginal tax rate. If you are a basic rate taxpayer or ...
Directors Loan
Loans to directors A loan or guarantee must be approved by a resolution of the members of the company. A resolution giving the necessary approval can only be passed when a memorandum setting out required matters about the loan is made available to ...
Fixed Asset or Expense
Fixed Asset or Expense If you have purchased an item that will be used for more than one accounting year, then it should be capitalised, and the value depreciated over its useful life in the accounts. Fixed assets include property, cars, furniture ...
Declaring Dividends
If I declare a dividend through my company and do not actually take the dividend from the company account until the following tax year will I be taxed on it in the tax year the dividend was declared or when paid to me? Dividend distributions are ...
2024/25 salaries
Updated 08/04/2024 Salary rollover to 2024/25 With the new tax year approaching and adjustments to the NI threshold taking effect on April 6, 2024, here are our recommendations for monthly gross pay for Directors and their relevant spouses/partners: ...