Directors are classed as employees and pay National Insurance on annual income from salary and bonuses that exceeds the Primary Threshold. The annual threshold is pro-rated this year following the
National Insurance for company directors
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Potential tax demand scam
The Office of Tax Simplification (OTS) is a well-known organisation that provides independent advice to the government on simplifying the UK tax system.
The OTS has issued a press release to warn of
Concerns about tax repayment agents
HMRC has launched a new consultation seeking views on proposed measures to address consumer protection issues for people who claim tax refunds through repayment agents. The 12-week consultation period
Claiming Child Trust Fund cash
HMRC has published their latest statistics on Child Trust Funds which reveal that whilst 320,000 accounts have now matured, 175,000 funds that have matured remain unclaimed.
If you turned 18 on or
Corporation Tax – marginal relief from 1 April 2023
The Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A Small Profits Rate (SPR) of 19% will also be introduced from the same date for
Taxpayers who return to the UK
There are tax implications that you will need to consider if you previously left the UK to live abroad and are now either returning to live and work in the UK or are considering such a move.
In most
CGT during divorce or separation
If you are part of a couple that is about to separate or divorce, apart from the emotional stress, there are also tax issues that can have significant implications. Whilst this is unlikely to be
New deal for private renters
The government has announced their intention to fundamentally reform the private rented sector marking the biggest shake up of the private rented sector in 30 years. These measures are set to include
Reform of Consumer Credit Act
The government has announced new plans to modernise consumer credit laws to cut costs for businesses and simplify rules for consumers. This will see major reforms to the Consumer Credit Act that
Class 1A payment deadline
Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees such as a company car. There is no employee contribution payable. If you provided taxable benefits to
Check employment status for tax
The Check Employment Status for Tax (CEST) tool can be used to help ascertain if a worker should be classified as employed or self-employed for tax purposes in both the private and public sector.
The
Notifying cessation of self-employment
Any taxpayers that have ceased to be self-employed must notify HMRC of their change in status. There are a number of steps that must be followed if a taxpayer ceases trading as a sole trader or if
Submitting CIS nil monthly returns
The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as
Tax Diary July/August 2022
1 July 2022 – Due date for corporation tax due for the year ended 30 September 2021.
6 July 2022 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A
Changes in State Pension age
The State Pension age is currently 66 and two further increases are set out in legislation: a gradual rise to 67 for those born on or after April 1960; and a gradual rise to 68 between 2044 and 2046
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