My Latest Blogs
22nd October 2023
Company Christmas Party: Is It Tax-free To Employees?
Businesses and their staff will be looking forward to their annual Christmas party in the upcoming festive months. Providing all of the following criteria are met, the annual event becomes free of PAYE tax and National Insurance contributions for the employee, and is treated as a non-taxable benefit in kind: The party or similar…
6th April 2023
VAT registration turnover threshold breached?
With many businesses seeing a return to pre-pandemic trading levels, now is an ideal time to review your SME’s VAT status. Businesses must compulsorily register for VAT where ‘VAT-able’ supplies (which is usually, but not always, your turnover), on a rolling 12 month basis, exceeds £85,000. Voluntary registration, however, can take place with turnover below this…
21st August 2022
Revisit your remuneration?
For many SME owner-managed businesses, the tax optimum director remuneration structure for many years has been one of a low salary accompanied by high dividends. This allows Companies to take advantage of low dividend tax rates and, in many cases, no employers national insurance to be paid by the company (if paid at the Secondary…
7th March 2022
Payrolling benefits in kind – is this the future?
HMRC’s most recent Employer Bulletins are indicating a clear shift towards the promotion of payrolling benefits, with the topic being mentioned in nearly every latest issue. The payrolling of benefits in kind shifts the management of the process from annual to monthly reporting, allowing employees to pay tax in ‘real time’ during the tax year…