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March 2017 will be the last payroll run of the 2016-17 tax year. It is therefore not too late to do some year tax planning. Directors, unlike other employees, have an annual earning period for salary calculations. It is therefore possible to do a salary adjustment in March 2017 and effectively spread any year-end salary adjustment throughout the tax year for the purposes of working out any tax and National Insurance due. Tax efficient gross pay levels If a company pay its di

The Chancellor, George Osborne, gave his Budget report on 16 March 2016. In delivering his third Budget in 12 months, you might think George Osborne had little left to change that would affect your finances. You'd be wrong. Following the Budgets last March and July, and the Autumn Statement in November, the Chancellor was back on his feet announcing major plans. Here is a summary of the key points. These matters need to be formally enacted to become law and most should be inc

The chancellor George Osborne gave his Summer Budget report on 8 July 2015. It was certainly not a budget for smaller businesses. The big headline was his raid on small business owners by introducing a new dividend tax. Here is a summary of the key points. These matters need to be formally enacted to become law and most should be included in the Finance Bill 2016. Some will have immediate effect from 8 July 2015 and others from 6 April 2016. Personal Allowance increase The Go

The National Insurance ‘Employment Allowance’, originally announced in the Chancellor’s Spring 2013 Budget, will be launched in April 2014. Essentially it means that a business (or a charity or other voluntary organisation) will be excused payment of the first £2,000 of employer’s National Insurance contributions other due each tax year. This will not affect the contributions payable by employees, or the benefits accruing to them. The reduction is called ‘the Employment Allow