Month: July 2017

  • Salary or dividend – what is best?

    What combination of salary and dividend should you take in 2017/18 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…

  • Planning your retirement – it’s never too early to start

    Whatever your age, it’s never too late to start saving to retire. 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. Putting money into a pension each month will provide you with a regular income once you retire. There are…

  • Data protection changes – what you need to know

    Businesses are preparing for the General Data Protection Regulation, which comes into force from 25 May 2018. All businesses holding personal data will need to ensure their procedures are fit for purpose and compliant when the new rules take effect next year. Those businesses found non-compliant may face fines of up to €20 million –…

  • Second payment on account deadline reminder

    The second annual deadline to submit advance payments towards your self-assessed tax bill for the previous year is due on 31 July 2017. ‘Payments on account’ take place every six months – on 31 January and 31 July – and include class 4 national insurance contributions if you’re self-employed. Each payment is half your previous…

  • Rejected contracts hit SMEs in the pocket

    47% of small businesses lost out on up to £10,000 in the last year due to turning down work contracts and orders, according to a study. Out of 501 companies surveyed by Hitachi Capital Invoice Finance, 26% rejected contracts worth up to £5,000 while 21% snubbed deals worth between £5,001 and £10,000. Almost one in…

  • HMRC urged to extend executors’ inheritance tax deadline

    Royal London is calling on HMRC to change inheritance tax (IHT) rules on larger estates to allow executors more time to pay complex tax bills. Under current rules, the executor of a will can manage a person’s estate following their death by applying for a ‘grant of representation’ – otherwise known as probate. The process…