Smarter accounting

Tax on dividend income

Tax on dividend income – more increases on the way?

26 November 2021, Companies, Creative Industries, General

After an increase of 1.25% in the Finance (No. 2) Bill can we expect a further increase in the tax on dividend income? MPs call for possible increased tax on dividends The following MPs have proposed an amendment to the Finance (No. 2) Bill Keir Starmer Rachel Reeves Bridget Phillipson James Murray Abena Oppong-Asare Sir […]

Can my company pay my personal phone bill

Can my company pay my personal phone bill?

21 November 2021, Charities, Companies, Creative Industries, Employer, General

It is tempting to have your company pay personal phone bills, but this article will alert you to some of the pitfalls.  On the face of it you might think you save money on a cheaper personal contract.  However after considering the VAT, income tax and National Insurance you might be better off on a […]

Tax free van benefit in kind - did you know that the van Gogh Museum is open on Christmas day?

Company Van Benefit in Kind trap

26 January 2020, Companies, Creative Industries, Employer, General, Musicians

Van benefit in kind tax charge Driving a van as your company vehicle has tax advantages over a car.  The tax charge is generally low compared with a car, and can even be zero in circumstances where a car would be taxable.  What conditions must you satisfy to eliminate a van benefit in kind tax […]

Tax charge on a director's loan

Tax charge on a Director’s Loan

20 September 2019, Companies, General

When your company has a tax charge on a director’s loan If you are a director or shareholder in a ‘close’ company, any money owed to the company can trigger a tax charge on a director’s loan. What is a close company? A close company is broadly defined as a company which is under the […]

How to register with HMRC as Self-Employed

3 January 2017, Advocates, Artists, Barristers, Creative Industries, Musicians, Sole Traders

The first task in working out if you need to register with HMRC is to assess whether you are self-employed. 

Company Directors salary (updated for 2016-17)

26 May 2015, Companies, Employer

The new tax year started on 6 April and with it came a rise in personal tax-free allowances and National Insurance (NI) limits.  How do these and other factors affect the level of company directors salary? View image | Company Directors salary If you’re a major shareholder of a private company it’s usually a […]

UK Private Limited Company Formation – A brief guide.

16 April 2013, Companies

What is a private limited company? A private limited company is a company limited by shares.  The company is run by its directors on behalf of its shareholders.  There must be at least one director and one shareholder for any new private company.  The same person can be director and shareholder.  The shares in a […]

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