Year: 2023

Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions and be subject to Income Tax. However, if certain conditions are met, the payment can be treated as an exempt distribution. An exempt distribution is a payment that is treated as consideration for the…

If you are thinking about purchasing a company car through a limited company, there are many issues that need to be considered. In this short article we will point out some of the main issues, but it is important to research this area and weigh up all the available options. The…

Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments are due on: 31 January during the tax year e.g., for 2022-23 the first payment on account was due on 31 January 2023. 31 July following the tax year e.g.,…

The gift aid scheme, which was originally introduced in 1990, allows charities to reclaim from HMRC the basic rate of Income Tax deducted from qualifying donations by UK taxpayers. This means that where a basic rate taxpayer claims gift aid on a £100 donation, the charity can reclaim from HMRC the…

The £100,000 threshold for Self-Assessment change for taxpayers taxed through PAYE only, increased from £100,000 to £150,000 with effect from 6 April 2023. However, the Self-Assessment for 2022-23 tax returns remains at £100,000. Taxpayers who submit a Self-Assessment tax return for 2022-23 showing income between £100,000 and £150,000 taxed through…

Almost every business in the UK needs to abide by legislation that formalises protection of personal data. The government agency that is responsible for this is the Information Commissioner’s Office (ICO). We all have the following rights regarding use of our personal details by third parties: To request that our…

There is more to being appointed a company director than accepting the title. According to Companies House directors formal, statutory duties and responsibilities include: filing an annual confirmation statement; filing your company annual accounts – even if the company is dormant; notifying Companies House of any change in your company’s officers or their personal details;…

You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance for 2022-23 was £40,000. You can claim tax relief on private pension contributions worth up to 100% of your…