SJB & Co Chartered Accountants

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Have you reported all your dividends? HMRC targets company owners.

Have you reported all your dividends?HMRC targets company owners HMRC’s latest one-to-many letter, targets company owners who they believe may have failed to declare dividend income. The letters have been sent where the company accounts show a large drop in reserves, but the shareholders have failed to declare dividend income on their personal tax returns. …

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Extracting profits from your company. Is your strategy tax efficient?

Extracting profits from your company.Is your strategy tax efficient? If you operate your business as a personal or family company, you will need to extract profits if you want to use them to meet personal expenditure. This update considers some of the various ways in which this can be done. And in particular, if you …

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National Insurance Contributions. New Employee Contribution Rates from 6 January 2024

National Insurance Contributions. New Employee Contribution rates from 6 January 2024. It was announced at the time of the Autumn 2023 Statement that the main rate of primary Class 1 National Insurance contributions payable by employees is to be reduced from 12% to 10% with effect from 6 January 2024. Employers will need to update …

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Autumn Statement 2023. Key Announcements.

Autumn Statement 2023.  Key announcements. The Chancellor, Jeremy Hunt, presented his Autumn Statement on 22 November 2023, focussing on five areas: reducing debt, cutting tax and rewarding hard work, backing British business, building domestic and sustainable energy and delivering a world-class education. From a tax and National Insurance perspective, highlights included the abolition of Class …

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Christmas parties and gifts. How to keep them tax-free.

Christmas parties and gifts.  How to keep them tax-free Many employers hold a staff Christmas party and/or give their staff a Christmas gift. By taking advantage of the available exemptions, it is possible to prevent an unwanted tax liability from arising. Key dates Where the exemptions do not apply and a taxable benefit arises in …

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Are your NIC contributions up to date? Check your state pension entitlement.

Are your NIC contributions up to date?  Check your state pension entitlement. Entitlement to the state pension and other contributory benefits depends on your National Insurance record. If you do not have sufficient qualifying years, you will not receive the full state pension. However, you can make voluntary contributions to top up your record. Key …

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Student Loan Repayments – making repayments through Self-Assessment

Student loan repayments – making payments through Self Assessment If you are within Self Assessment and have a student and/or postgraduate loan in respect of which repayments were due to start before the end of the tax year to which the return relates, you will need to complete the student or postgraduate loan section of …

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Electric company cars – reimbursed domestic electricity costs

Electric company cars – reimbursed domestic electricity costs HMRC have recently changed their policy allowing employers to reimburse the cost of electricity used in charging an electric company car at home tax free. This further increases the attractiveness of electric company cars as a tax-efficient benefit. Key dates HMRC announced this change of policy on …

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