As the owner and director of your own company, you can choose how and when to extract funds from your company. As almost all the funds you take out will create a tax charge in your hands, you may want to leave a proportion of the money in the company until you really need it.
It’s more important than ever to start your retirement planning from an early age, however dull a prospect that may sound to younger generations.
Incorporating the Lifetime ISA into your savings strategy.
When you buy an item with the intention of selling it for a profit, that transaction is treated as a trade and you should pay income tax on the profit you make on the sale.
The UK tax system provides reliefs and allowances to encourage you to spend or invest in certain ways. Using those reliefs as they are intended is the fiscal equivalent of obeying the Highway Code. If you divert from that code, by parking incorrectly, you would expect a penalty. The tax system also imposes penalties to discourage bad behaviour.
Starting a business is rarely glamourous. Many of the globe-straddling behemoths of the business world had low key beginnings.
If your business does not have a steady stream of money flowing into it, you will be unlikely to be a going concern in 12 months.
Most employers provide a range of benefits in kind to their employees. You may be able to choose which benefits to take up, so you should be aware of the different tax and national insurance (NI) implications of each benefit you pick.
TAXABLE INCOME BANDS AND TAX RATES 2017/18 2016/17 Starting rate of 0% on savings up to £5,000* £5,000* Basic rate band Scottish basic rate band £33,500 £31,500 £32,000 £32,000 Higher rate band Scottish higher rate band £33,501-£150,000 £31,501-£150,000 £32,001-£150,000 £32,001-£150,000 Basic rate 20% 20% [...]
A guide to the rules as they affect individuals, and why they matter.
