by Paul Whyatt | Feb 6, 2020 | Business Advice, News, Personal Tax
HMRC has recently confirmed that it’s possible for an employee or a director of a company to be provided with two tax-free mobile phones, where one of them is for business use with any private use of this phone being insignificant. But if two mobile phones are given...
by Paul Whyatt | Nov 29, 2019 | Other Insights, Personal Tax, Taxation
Dividends can sometimes be difficult to understand. Many SME business owners worry about whether they can pay themselves a dividend, how to go about it and when will the dividend be taxed. It’s certainly possible to get things wrong and then find that a...
by Paul Whyatt | Oct 30, 2019 | Business Advice, Other Insights, Personal Tax, Taxation
For many SME businesses, tax can be such a headache that their business suffers. Here are some of the common mistakes you should avoid. 1. Not hiring a qualified chartered accountant This is a costly mistake for any business owner. There isn’t a more effective...
by Paul Whyatt | Oct 30, 2019 | Personal Tax, Taxation
If you operate your business through a limited company, you should be aware of the optimum salary/dividend mix to extract money from your company in the most tax-efficient way. This usually involves paying yourself a minimal salary and then dividends on top of...
by Paul Whyatt | Jul 22, 2019 | Personal Tax, Taxation
The high income child benefit charge is an income tax charge designed to recover child benefits payments if the recipient or their partner has net income over £50,000 in a tax year. Introduced several years ago, the charge continues to catch out taxpayers. Child...
by Paul Whyatt | Jul 19, 2019 | Personal Tax, Taxation
Well it’s mid-July 2019 already. How many of you have completed your 2018/19 self-assessment tax return? Yes, we know it’s a chore and the filing deadline is 31 January 2020, but what’s stopping you getting it done now? Do you run your own business? How...
