National Insurance Record

HMRC have extended the deadline for making voluntary National Insurance contributions (which can date back to 6 April 2006), to 31 July 2023. What is National Insurance? National Insurance is a tax paid by individuals who are employed or self-employed, based on how much they earn then determines how much National Insurance is contributed from …

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Director’s Tax Efficient Salary for Owner Managed Companies in 2021/22

A tax efficient salary and dividends are how many directors of owner managed businesses choose to pay themselves. Many directors structure their remuneration this way is to maximise tax efficiency by minimising the tax payable on the money they withdraw from their company. What’s the Most Tax Efficient Director’s Salary in 2021/22? Sole directors – …

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Super Deduction – The New Enhanced Tax Relief of 130%

Super-Deduction

The Super Deduction – a new enhanced tax relief for companies introduced from 1 April 2021. The Super Deduction introduced 1 April 2021 until the end of March 2023 enables companies to claim 130% tax relief (through capital allowance) on qualifying plant and machinery expenditure. This is exciting news as it offers a significant tax …

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Budget 2021 – Summary for those in business

Budget 2021 summary for those in business

Rishi Sunak the Chancellor of the Exchequer delivered his budget 2021 today. Below we highlight the key points for those in business:  Self-employment grants – The Self Employment Income Support Scheme (SEISS) grants will continue.  A fourth grant will keep the same terms as the third grant and can be claimed from late April. The …

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