Common Questions

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  • A popular profit extraction strategy for shareholders in personal and family companies is to pay a small salary and to extract further profits as dividends. The optimal salary will depend on whether the employment allowance is available to shelter any employer’s National Insurance liability that may arise.

    Personal and family companies – Optimal salary for 2021/22

    A popular profit extraction strategy for shareholders in personal and family companies is to pay a small salary and to extract further profits as dividends.     

  • Leaving the VAT Flat Rate Scheme.

    Leaving the VAT Flat Rate Scheme

    The VAT Flat rate scheme is a simplified scheme for smaller businesses. 

  • Tax efficient remuneration using pension contributions.

    Tax efficient remuneration using pension contributions

    Despite on-going speculation that the government will intervene at some point, for now, making contributions into a pension scheme continues to be a particularly tax-efficient form of savings. 

  • Should I reduce my payments on account?

    Should I reduce my payments on account?

    The deadline for filing your 2019/20 tax return is fast approaching, as is the due date for the first payment on account for 2020/21.

  • Paying family members.

    Paying family members

    Regardless of the business structure (for example limited company or sole trader) it is possible to employ family members.

  • Winding up a company - Overview

    Winding up a company - Overview

    Disposing of a limited company usually involves a considerable amount of forethought, planning and paperwork because a number of possible exit routes exist and each company situation is different.     

  • Paying for school fees.

    Paying for school fees

    In the UK, paying for education affects many parents and their student offspring at some point. 

  • Gold Stag Accounts and Starling bank

    Partnership With Starling Bank

    We have partnered with Starling Bank and as users ourselves, can truly recommend them - There's a reason why they won best British bank in 2018, 2019 & 2020.

  • Flat rate scheme (FRS) for VAT

    Flat rate scheme (FRS) for VAT

    The VAT flat rate scheme (FRS) is used by many small businesses to help simplify their VAT reporting obligations, although some VAT experts would argue that the scheme is not simple to use.

  • Issuing a P45

    P45 procedures – What to do when an employee leaves

    When an employee leaves, there are various procedures that need to be followed from a payroll perspective. These include telling HMRC that the employee has left and issuing the employee with a P45.

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