If you give money to charity then you can obtain tax relief if you are a higher rate taxpayer and the donation was made to a registered charity in the EU (plus Norway, Iceland and Liechtenstein). You can also obtain relief for donations made to Community Amateur Sports Clubs (CASCs) that were registered with HMRC… Continue reading Gift Aid
Category: Personal tax
Pension contributions tax savings
Pension contributions can be a great way to save tax. Disclaimer Decisions about whether or not to make pension contributions should normally be led by investment considerations and our clients generally use financial advisers to decide whether or not to contribute as the money will usually be locked away and there can be various risks… Continue reading Pension contributions tax savings
Tax efficient director salary and dividends 2022/23
THIS ARTICLE NEEDS TO BE UPDATED FOR THE NEW NIC THRESHOLDS ETC Compared to 2021/22, the personal allowance threshold will not change and will stay at £12,570 per year and the higher rate tax will also still start at £50,270. From 6 April 2022 the dividend tax rates will all increase by 1.25% : First… Continue reading Tax efficient director salary and dividends 2022/23
EMI Schemes (Enterprise Management Incentive)
EMI schemes (Enterprise Management Incentives) are tax advantaged schemes offered by H M Revenue & Customs to small and medium sized businesses (“SME”) for incentivising the SME’s employees. EMI schemes are share option schemes which fundamentally provide tax savings for both the employee and the SME whilst also providing the facility for the SME to incentivise… Continue reading EMI Schemes (Enterprise Management Incentive)
Overseas Workday Relief – OWR
Have you recently started to live and work in the UK but consider your “home” country to be elsewhere? If so, you are likely to be a UK resident but non-domiciled in the UK. If prior to becoming UK resident, you were also non-UK resident for a continuous period of 3 tax years, you are… Continue reading Overseas Workday Relief – OWR