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 […]
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,...
There is a strong history and growing trend of collaborative working within the arts sector, ranging from sharing resources and project working to formal mergers. So, what are mergers in business? It’s when two organisations combine into one entity to strengthen their...
Employee handbooks minimize the amount of heartache that a business sees. Problems within a business occurs because there is a lack of clarity on subjects. Mainly, the issues which arise are around the expectations of the business. The employees and the owner may not...
Outsourcing accounting and payroll services makes strong business sense, especially if you want to grow without increasing your internal workload. Many businesses consider this step because it helps them compete with larger companies while keeping costs under...
Working for yourself is a major life change for most people. It affects your work/life balance, your attitude, and even your social life. It also impacts your earning power and ambition. Today, more people consider working for yourself, whether by choice or by...
Using the business to pay school fees, or even university fees represents a common ambition for many owner-managed business directors. When a company holds surplus cash, the prospect of utilizing those funds for private education costs appears intuitively sensible....