According to sources reported in The Telegraph, the Treasury is considering the dividend allowance in the Autumn Budge 2018, which will be released on the 22nd November 2018. It will be no shock to most if cuts are once again made against business owners, directors and shareholders hand. The same was done in the Autumn Budget 2017 when the dividend allowance was cut from £5,000 to £2,000.
Cuts would be supposedly made in an effort to help fund a government pledge to increase spending on the NHS. The report has triggered a reaction from the Federation of Small Businesses (FSB), who have estimated that the Treasury would raise £1.3billion by 2022 by removing the dividend allowance.
How will dividend cuts affect business owners, directors and shareholders?
Business owners, directors and shareholders use the dividend allowance to extract profits from their business. The more the dividend allowance is reduced the less the strategies for tax efficiency.
With 51% of businesses expressing desires to expand over the next year, UK unemployment levels have fallen to its lowest point since 1974. Below are some of the fastest growing sectors for employment.
This article if focused on explaining pay for UK employees and the process of reading pay slips.
As an employee you should be told by your employer how much you will be paid, the date of your payment and the medium of payment i.e. by cheque or bank transfer.
As an employee, unlike contractors or freelancers, you have the right to receiving a payslip. This can come in a paper or online form.
With the ongoing US tax crackdown on US expats, comes the demand to file FBARS. An FBAR or FinCen is used to report foreign bank and financial accounts. Within the FBAR you must report all foreign bank, securities and financial instruments.
The 2018-19 tax season is in full-swing and tax payers can now file there returns ahead of the 31st January 2020 deadline. It is advised by the HMRC to get tax returns filed as early as possible, to ensure that the deadline is met. As an added incentive to taxpayers, we, at Bambridge Accountants, offer a discount to those who file between April and August 2019.
As an accountancy firm for creative professionals and businesses, we are always interested in promoting and sharing creative works we love.
GUAP magazine is leading the way as the world’s first video magazine. The video-magazine works to document and nurture creative talent within music, fashion, the arts and business, both locally and globally grown.
Creative Industry Professionals are notoriously one of the worst for keeping on top of their taxes. The all-consuming nature of creative industry careers that often requires travelling and long-hours, makes keeping on top of taxes all that bit harder. Not to mention the complexities that can occur within tax due to cross-border trade and the unique reliefs that are available depending on profession.
It’s all too easy to get lost in your taxes as a creative professional. With often more travelling and longer hours, it can be hard to find the time and resources to properly sit down and focus on where you and your business stands in relation to the HMRC.
This article focuses on bartering- the exchange of a good or service. Bartering is extremely common for many creative professionals. For example, if you are a graphic designer and you perform a design service for a catering business in exchange for their services at an event you are holiday, this would constitute ‘bartering’.
Nationwide, it is becoming more and more difficult be granted an appropriate-sized mortgage. The number of people going self-employed within the UK is increasing every year, with self-employed workers now accounting for 15% of the working population (Jones, 2018).
There are a number of problems currently associated with being self-employed, i.e. the pension crisis and getting a mortgage. This article focuses on how to get a mortgage as a self-employed individual. Research has shown that 30% of self-employed homeowners feel that the mortgage process is biased (McDowell, 2018).
As a self-employed consultant you are likely to have several running costs and expenses. Theses costs and expenses should be taken away from your business income to work out your profits. Not all expenses are allowable for tax purposes, it is therefore important to be aware of you what you are and aren’t allowed in order to save money against tax and avoid a HMRC enquiry.
Chancellor Phillip Hammond’s release of the 2018 Autumn Budget revealed a number of changes for small business owners. Below is a brief summary of some of the changes small business owners should be aware of.