How to maintain tax efficiency as a small business company director of your own limited company with the impending increase in dividend tax from April 2022 From the 6th April 2022 the tax cost of drawing dividends from your limited company will increase by 1.25% Currently, dividends are taxed on basic rate taxpayers at 7.5%,…
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Read MoreUK Tax rates explained in plain and simple English (using buckets!)
People often get confused about tax and a common misconception is around how tax works for the higher tax bands. People often think “Oh I don’t want to earn too much as I’ll get taxed at 40% and I’ll lose out”. THAT’S NOT HOW IT WORKS! Here’s a handy guide to simplify and explain things.
Read MoreTaxable vs. Non-Taxable Income – Do You Need To Put It In Your Tax Return?
Taxable and non-taxable income Yesterday a client asked me about whether insurance payouts were a taxable income for her which got me thinking about writing a post on the less well known forms of taxable and non-taxable income as a quick reference guide for business owners. Some of these may surprise you…. Non-taxable income…
Read MoreTravelling Expenses – What You Need To Know
1. Self Employed Normal Place or base of work The first thing you need to think about is your normal place of work, so that you can work out what is your ordinary commute which is disallowed. If you rent an office or workspace anywhere then that generally be your normal place of work. If…
Read MoreHow to Buy a Van for your trackdays and enjoy tax benefits
If you can demonstrate a need for a van for your business, then this could be a really tax efficient way to acquire a van and use it for your biking enjoyment too but there are a few things to watch out for to ensure you are on the right side of the tax man:…
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