Category: Tax

Do I need to repay any of the SEISS Grants I got?

HMRC are now writing to more and more sole-traders who have incorrectly claimed any one of the FIVE SEISS (self employment income support scheme) grants during 2020 and 2021 demanding repayment. You should be aware of the conditions for repayment and make the necessary arrangements to repay sooner rather than wait for HMRC to add…

October 2021 Autumn Budget headlines

NI & Dividend tax increase 1.25% National Insurance will increase from 6th April 2022 by 1.25%. This means that if you are an employee or a sole trader earning £30,000 a year, you will have to pay an extra £255 in tax. If you are the employer, then you’d have to pay an extra £255…

Saving tax as a company director

How to maintain tax efficiency as a small business company director of your own limited company with the impending increase in dividend tax from April 2022 From the 6th April 2022 the tax cost of drawing dividends from your limited company will increase by 1.25% Currently, dividends are taxed on basic rate taxpayers at 7.5%,…

Do I have to declare my income to the tax man?

Do you earn a bit of extra income? Not sure whether you need to tell the tax man? Well here’s the low down: If you earn a bit of extra cash be it through walking dogs, babysitting, selling knitted tea cosies on ebay, hiring out your GHD’s or selling the odd Aloe Vera product,…

How to split property income tax efficiently

Quite often we come across landlord clients who are married and their spouse may earn significantly more or significantly less than themselves and would benefit from tax advice on the splitting of their property rental income to optimise their income tax. If this is you, then read on… Property income by default for a married…

UK Tax rates explained in plain and simple English (using buckets!)

People often get confused about tax and a common misconception is around how tax works for the higher tax bands. People often think “Oh I don’t want to earn too much as I’ll get taxed at 40% and I’ll lose out”. THAT’S NOT HOW IT WORKS! Here’s a handy guide to simplify and explain things.