Welcome to our tax news delivering tax and legislative updates for businesses, entrepreneurs and private clients.
EXTRACTING PROFIT FROM THE FAMILY COMPANY
The start of the new tax year means that shareholder/ directors may want to review the salary and dividend mix for 2019/20.
The £3,000 employment allowance continues to be available to set against the employers national insurance contribution (NIC) liability which means that where the company has not used this allowance it may be set against the employers NIC on directors’ salaries.
TAX PLANNING TO MINIMISE THE HIGH INCOME CHILD BENEFIT CHARGE
The substantial increase in the higher rate threshold to £50,000 is good news for many taxpayers. However, that same figure is the point at which child benefit starts being clawed back and there has been no increase in that threshold since the High Income Child Benefit Charge was introduced in 2013/14.
Offices at Darlington, Durham and York. Registered Office: 140 Coniscliffe Road, Darlington,
Co Durham, DL3 7RT
A list of members is available at the above address
Registered to carry on audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants
in England & Wales. Clive Owen and LLP is a Limited Liability Partnership, registered in England and Wales. Registration number: OC312218
EXTRACTING PROFIT FROM THE FAMILY COMPANY