Partnerships
Partnerships A partnership is defined a one or more people joining together in business with a view to make a profit and each partner receiving a share of the profit according to their share ratio for example 3 partners each holding 33 shares each. Partnership Tax Partnerships do not pay tax, but all partners pay…
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P11D Benefits in Kind
P11d Benefits If you have a team of employees, you have several options for rewarding them in addition to paying wages or a salary. One of the most flexible options is to offer benefit in kind, also known as fringe benefits. Benefit in kind take several different forms, which we’ll describe later, and they can…
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Overdrawn Directors Loan Account
Directors Loan Account What is a director’s loan account, in its simplest form it is withdrawals or deposits it makes to the business that are outside salary, dividends and an expenses repayment. This can be a credit balance where a director lends the company money or an overdrawn amount where this is a negative amount…
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National Insurance Reduction
The Chancellor’s cut to national insurance comes in from Saturday 6 January, reducing tax bills in January pay packets The 2p cut to National Insurance will see the rate for employees cut from 12% to 10% from Saturday, with the average worker earning £34,963 saving £447.86 in for Class 1 contributions over the year. This…
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