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Millions of self-employed workers will now face higher tax bills because Chancellor Philip Hammond has scrapped plans to abolish Class 2 National Insurance contributions (NICs). The abolishment of Class 2 National Insurance contributions was due to occur last April but was delayed for 12 months. The explanation for this delay was that the government wanted … Continue reading Class 2 National Insurance abolishment plans are scrapped
Well, what a fortnight of contrasts. I left the UK nearly a fortnight ago to sail (well, not exactly sail but cruise on a coastal ferry) up the Norwegian coast round to the Russian border and back again. Since then we have had the American Mid-Term elections, when Trump managed to lose control of the … Continue reading Financially Yours – The Budget
Some of you out there may be a bit long in the tooth, like myself, and withdrawn their 25% tax-free lump sum from a pension scheme. If so, you should be aware of the Money Purchase Annual Allowance (“MPAA”) which was introduced in April 2017 to counter perceived tax avoidance, pension “recycling”. So, what is … Continue reading Money purchase annual allowance
We hope you have all had a very happy Christmas, but now it is time to look towards getting your tax returns in by the end of January. A late return incurs penalties even if it shows no tax payable. These rise from an immediate £100 to £1,600 after 12 months and are automatic. Or … Continue reading Fun is over, back to work
We deal with many Limited Companies and frequently find that the director(s) have an overdrawn ‘loan account’. The definition of a ‘Directors Loan Account’ is the running of an account, documenting all monies either introduced by the director or monies withdrawn by the director If a company pays for a directors personal expenses, and these … Continue reading Directors loan accounts