We are often asked to register a trading name for an existing company. Usually, this is done so an incorporated business can develop a new brand with a name that is different to their existing company name. Unfortunately, there is no formal process that can be employed to do this; no registrar of trading names. However, there are ways to...
Saving to pay tax
If you are employed, or receive a pension from a non-State provider, any tax you should pay is probably deducted before payment under the PAYE rules. Assuming HMRC administer this process correctly, any taxes due should be settled in full. However, the self-employed, those in receipt of significant dividends or bank interest, and retired persons who receive the State Pension in...
Dying without a Will, bad idea
Many people die without making a Will. In legal terms, this means they die “intestate”. When this happens, the estate must be shared out according to certain rules. Individuals who may benefit under these rules are: Married partners and civil partners at the time of death. This includes separated partners but not divorced partners or a civil partner if a civil...
Muras Matters: Am I a Landlord?
Am I a Landlord? Background Following on from our recent Muras Matters on HM Revenue & Customs (“HMRC”) Disclosure Campaigns, HMRC have issued an update for one of their specific campaigns – the ‘Let Property Campaign’. The update highlights some areas where people often mistakenly don’t think of themselves as a landlord or do not believe they are required to declare rental...
Minimum Wage legislation
No-one is going to complain if you pay more than the National Minimum Wage or National Living Wage rates – which ever applies. However, there are matters you will need to consider if you pay less than the appropriate minimum wage rates. The minimum wage legislation applies to workers or employees. It does not apply to the self-employed or office holders: an...
Uniforms, work clothing and tools
It is possible to claim for the cost of repairing or replacing small tools you need to do your job as an employee (for example, scissors or an electric drill), or cleaning, repairing or replacing specialist clothing (for example, a uniform or safety boots). If you need to buy other equipment to use in your employment, you can claim capital allowances...
Possible changes to tax rules for companies
There is a government department, the Office for Tax Simplification (OTS), that has been charged with investigating ways that the UK’s tax rules can be changed to make them easier to understand and easier to use. The OTS has recently issued a new report on the proposal to simplify the Corporation Tax assessment process for companies, particularly smaller concerns. Their report sets...
Rangers tax scheme kicked into touch
There has been a long running tax case rumbling through the lower courts on the use of a device called an Employee Benefit Trust (EBT) by Glasgow Rangers Plc. HMRC have considered the use of the EBT a scheme to avoid PAYE and NIC. The case has now been considered by the Law Lords in the Supreme Court, who decisively ruled...
Director minimum salary levels 2017-18
Many director shareholders take a minimum salary and any balance of remuneration as dividends. This tends to reduce National Insurance Contributions, and in some case Income Tax. The planning strategy is to pay a salary at a level that qualifies the director for State benefits, including the State Pension, but does not involve payment of any NI contributions. For 2017/18 the NI...
Making Tax Digital E common sense prevails
Making Tax Digital (MTD) is the government’s latest attempt to fully digitise the process of collecting data from taxpayers so they can speed up the process of calculating how much tax you owe. Until recently, we were facing radical changes to the tax system to accommodate this objective. Businesses (including landlords) were to be required to upload summarised accounts data from...