Monthly Archives: June 2017

When do NIC contributions stop

You are required to make National Insurance Contributions on your earnings, whether employed or self-employed, until you reach the State Retirement Age. The only exception is if you qualify for exemption from contributions if your salary or business profits are below a certain minimum amount. For 2017-18 these lower limits are: Below £157 a week […]

National Insurance exemption

Employers, or more specifically, the persons in charge of processing their payroll, are hopefully checking the box to claim the National Insurance Employment Allowance (EA)? The EA reduces the employers’ (secondary) Class 1 NIC bill. If your employers’ NIC charge is normally more than £3,000, then this is as good as £3,000 additional cash in […]

Making the most of opportunity

There are a number of ways that director shareholders of private companies can withdraw funds from their businesses. We have listed below a number of options, the list is not exhaustive, but the points do provide insight into the opportunities that current tax law allows incorporated businesses. Director shareholders can provide themselves with up to […]

Oh what a night

It is fair to conclude that Mrs May’s ambitions suffered a set-back Thursday last week. She is now attempting to manage a minority government, and Brexit apart, there are other outstanding legislative matters that demand her attention. One is the remainder of the Finance Bill 2017, that was placed in abeyance in order to accommodate […]

Claim back pre-registration VAT

It is possible to reclaim VAT you have paid on any business purchases before you have subsequently registered for VAT. In fact, once you have registered your business for VAT the first thing you should consider is the possibility of reclaiming input tax on purchases of goods and services prior to registration. This article summarises […]