The benefits of financial planning in business are many, but I would say that, wouldn't I. If you're like most small business owners, you probably don't think of financial planning as one of your top priorities. But did you know that financial planning is one of the...
Tax-free company benefits Today I'm going to talk about trivial benefits and Tax-free company benefits. Firstly, your business can pay your staff, and can pay yourself if you're an employee of your company. These are nice to have, no tax to pay, saves you some money,...
Saving tax with company benefits is a legitimate planning route that many company directors and business owners underuse. Salary and dividends are the usual ways to pay yourself, but benefits can also form part of a tax-efficient reward strategy. When handled...
Tax-free benefits for you and your employees Certainly paying tax-free benefits to yourself and/or your employees is a great situation. Most importantly there is no tax or NIC to pay. In addition, your company can deduct the costs from business profits. Above all the benefit must be paid for. In other words, don’t provide the […]
Salary, dividends & benefits Salary, dividends & benefits and how to pay yourself. We will throw some numbers in to show the financial difference. Furthermore we will be looking at other options that can really ramp up the savings. Company owners and directors often ask us “do I pay myself salary and dividends, and how […]
What Is Incorporation Relief? For many sole traders, incorporating a business can bring advantages such as limited liability, greater flexibility over profit extraction, and a more professional business structure. However, a move from sole trader to limited company...
Most people associate tax with paying money to HMRC. However, many taxpayers are entitled to a refund because they have paid too much tax. Whether the overpayment arises through PAYE, self-assessment, VAT, or another tax adjustment, knowing the relevant tax refund...
Running a business means keeping a close eye on costs, and one expense that can quickly add up is employer National Insurance. Since employers pay Class 1 National Insurance contributions on employee earnings above certain thresholds, the total bill can become...
Saving into a pension is one of the most tax-efficient ways to build financial security for retirement. The government encourages pension saving by offering tax relief on contributions, helping individuals grow their retirement funds more quickly than they could...
Many businesses build up substantial cash reserves over time. Whilst directors often extract profits through salaries, dividends or pension contributions, another option is to establish a second company and transfer funds using an intercompany loan. At first glance,...