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FAQ on Dividends
What is a Dividend and how can I issue one? Over the coming weeks we are going to look at a series of frequently asked questions we receive from clients. Firstly, what is a dividend? We want to breakdown and simplify the jargon around dividends: what they are, who...
Class 2 NICs to continue for self-employed
Class 2 NICs In 2016 the government consulted on a proposed abolition of Class 2 National Insurance contributions (NICs) for the self-employed. This flat rate contribution, currently £2.95 a week is payable by the self-employed in addition to Class 4 contributions...
Student loans
Increase in Student Loans Plan 1 and Plan 2 thresholds from 6 April 2019 and Postgraduate Loans (PGL) The thresholds of Plan 1 and Plan 2 Student Loans are increasing from April 2019. The current thresholds for the tax year 2018-19 are: Plan 1 - £18,330 Plan 2 -...
Changes to Flat Rate VAT Scheme – Limited Cost Business Rate
New rules from 1 April 2017 You’ll be classed as a ‘limited cost business’ if your goods cost less than either: 2% of your turnover £1,000 a year (if your costs are more than 2%) This means you’ll pay a higher rate of 16.5%. If you aren’t a limited cost business,...
Spring budget tax update
Attack on self-employed in budget 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...
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National living wage
National living wage for workers aged 25 and over The new National Living Wage becomes law in April 2016 for workers aged 25 and over From 1 April 2016 workers aged 25 and over will be legally entitled to a new minimum pay rate of £7.20 per hour, called the National...
Changes to Dividend Allowance
Currently only higher or additional rate taxpayers pay tax on dividends. However from April 2016 the Dividend Tax Credit will be replaced by a new tax-free Dividend Allowance. This means that you won’t have to pay tax on the first £5,000 of your dividend income, no...
Tax newsletter October 2015
Welcome to our monthly tax newsletter designed to keep you informed of the latest tax issues. We hope you enjoy reading the newsletter; remember, we are here to help you so please contact us if you need further information on any of the topics covered. BUYING A...
