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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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In an alphabet share structure, each shareholder has a different class of share. For example, one shareholder may have A ordinary shares, another B ordinary shares, another C ordinary shares, and so on. The benefit of an alphabet share structure is that it provides the flexibility to tailor dividends to take account of the shareholder’s
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The Employment Allowance is an allowance that eligible employers can claim to set against their secondary (employer’s) Class 1 National Insurance liability. The employment allowance is set at £5,000 for 2023/24, capped at the employer’s secondary Class 1 National Insurance for the year where this is less. It is not given automatically and must be
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