Common Questions

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  • Do I need to top up my pension?

    Do I need to top up my state pension?

    A full single tier state pension is payable to people who have 35 qualifying years. Individuals who have less than 35 qualifying years, but at least 10 qualifying years are entitled to a reduced state pension.

  • Income from savings – What is tax-free?

    Income from savings – What is tax-free?

    Not all types of income are equal from a tax perspective, and savings income enjoys dedicated allowances, tax rates and reliefs which allow a taxpayer to enjoy some or all of their savings income tax-free. 

  • Keeping the Christmas party tax-free.

    Keeping the Christmas party tax-free

    Last year, the Covid-19 pandemic and national lockdown took Christmas parties (other than virtual ones) off the agenda. This year, they may be a temptation to make up for lost time. How can you celebrate the festive season without triggering a tax liability in the process?

  • Tax-free help with childcare costs.

    Tax-free help with childcare costs

    Childcare costs can be very expensive and any help is welcomed, particularly where you can benefit from that help tax-free. There are various routes by which this is possible.

  • Running a car on the company - Benefit in kind, car allowance, company fuel cards.

    Running a car on the company - Benefit in kind, car allowance, company fuel cards

    Despite successive Governments changing the rules to increase the tax take, the provision of company cars remains one of the more popular benefits an employer can give to an employee. 

  • 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.

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