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15 Mar

Salary Or Dividend?

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What Is The Most Tax-Efficient Way To Pay Yourself In 2016/17?

Owner-managers and contractors often pay themselves ina combination of salaries bonuses and dividends.

A common strategy is to draw a salary of around £8,000 while also extracting profits from the business as a dividend.  A salary of £8,060 (for the 2015/16 tax year) preserves entitlement to the state pension and some benefits.  It is also within the personal allowance and below the threshold for employer and employee national insurance contributions (NICs).

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09 Mar

Residence And Domicile

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A Guide To Understanding The Terms Residence And Domicile As Well As Their Legal And Tax Implications.

A large part of a person's legal identity is based upon where they live at any one time and how long they will be staying there.  If you stay in the UK for a prolonged period of time, you are going to be liable for tax at some point.

The exact point and how much tax you will have to pay will depend in large part on whether residence or domicile applies to you.

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29 Feb

Travel And Subsistence

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The system of employee benefits and taxes who travel for the purposes of work is undergoing change.

Every day the roads and railways of this country are filled with employees traveling as part of their jobs, and incurring a host of costs and expenses along the way.  The systems of benefits and taxation that has built up around this essential economic activity is grouped together under the name 'travel and subsistence'.

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Our blog exists to help small to medium sized businesses, just like you. We strive to produce regular articles prompted by our recent experience.

You're welcome to post comments for any article. We do review comments before they appear so if you do comment and you don't see it please be patient.