Changes to tax and NI on Director/Shareholder Rewards
In past years we have frequently advised directors who are also shareholders to pay an amount in salary up to the NIC lower earnings limit, and to reward themselves in the form of dividends on the shares held. This is because salaries paid above this limit resulted in a Corporation Tax saving of 20%, but … Continue reading Changes to tax and NI on Director/Shareholder Rewards
If you have been watching Pound Shop Wars on television over the past few weeks then you may be interested in the following. KPMG resigned as auditors of Poundworld Retail Ltd, the main chain of stores featured in the programme, on 30th December 2013 following completion of the audit for the year ended 31st March … Continue reading Who’s Been a Naughty Boy Then?!
HM Revenue and Customs have announced they’re staggering the start of the penalty regime under Real Time Information (RTI). Originally, “in year” penalties, interest for late filing and late payments were all meant to be introduced at the start of the new tax year in April. However, the new timetable is as follows: Interest on … Continue reading RTI Penalty Delays
The 5th April 2014 will see the end of the first complete year of running PAYE through Real Time Information (RTI). One of HMRC ‘s intentions when introducing the new filing format was to make it easier for employers to send information to them by submitting a Full Payment Submission (FPS) every time a payment … Continue reading RTI End Of Year 2014
There were a few jittery moments in the accountancy world when HM Revenue & Customs won a surprise victory. The case involved a firm of consultants, PA Holdings Ltd, who devised a tax strategy to reduce PAYE and NI on bonuses. The company issued a special class of shares to employees, and then paid large … Continue reading Are Dividends Still Safe From HMRC After Tribunal?