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If you incur expenses in doing your job, you may be able to claim tax relief. While the rules governing the availability of relief are strict, the process for claiming relief where it is available is relatively straightforward. Availability of tax relief Expenses that may qualify for tax relief include travel expenses incurred in relation
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Trivial benefits have their own tax exemption, which if used wisely can be used to treat employees. The exemption can also be used by personal and family companies as part of a tax-efficient profit extraction strategy. Nature of the exemption The exemption applies if all of the following conditions are met: The cost of providing
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A popular profit extraction strategy is to pay a small salary and to extract further profits as dividends. Why pay a salary? There are a number of benefits of paying a small salary in order to take money out of a personal or family company for personal use. Reason 1 If a salary is paid
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If you have a personal or family company, taking dividends is a popular and tax-efficient way to extract profits. However, while they remain tax efficient, recent tax changes have eroded some of the advantages. What do you need to know when planning your dividend extraction strategy for 2023/24? Impact of corporation tax changes From 1
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This page contains a calendar of all Bank Holidays in the UK 2023. Please check back regularly for updates on these dates, as official changes may modify them. UK Bank Holidays 2023 are official public holidays designated by the government. They offer everyone a chance to take paid time off and enjoy valuable moments of
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As far as National Insurance was concerned, the 2022/23 tax year was a tricky one featuring in-year changes to the primary threshold and in-year changes to the Class 1, 1A, 1B and 4 rates. This resulted in some strange numbers, with average rates applying for the purposes of Class 1A, Class 1B and Class 4
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