Can you borrow money from your limited company?
The simple answer is yes, but there are tax consequences so it’s important you understand what you are doing. From time to time Directors of a company may wish to to borrow money from the business and take…
COMPANY VS SOLE TRADER: BENEFITS AND DRAWBACKS
Should you be a sole trader or a company? We are often asked that question when people are setting up in business, and the truth is it depends on the individual scenario and what you are looking to…
Who should be in your work place pension?
Since they were introduced in 2012 more than 20 million people have been automatically enrolled into workplace pensions. Every business that employs staff who meet the criteria should be automatically enrolling workers into a pension scheme, deducting contributions…
What business mileage can I claim?
We often get asked the question what business mileage our clients can claim back, and what tax they will have to pay on it if they do. Below we break down the differences between business mileage and private…
Top Ten Tips for staying cool at work
The sun is shining (sometimes), the beer gardens are full and public transport is even more unbearable than usual. British summertime is finally here! Here are our top ten tips on how to stay cool in the work…
Businesses told to cut down on alcohol at functions
The Chartered Management Institute (CMI) has warned firms to cut down on the amount of alcohol present at work functions as it releases a new poll. The poll says that nearly a third of the managers asked have…
What does my tax code mean? 2023/24 Edition
What exactly do all the numbers and letters in my tax code mean? And what do I do if I think it’s wrong? HMRC generate your tax code based on the information that they hold about you and…
What is quiet quitting and why is it bad for your business?
You may have increasingly heard the term in the last few month, but what is ‘quiet quitting’? It is essentially a continuation of the ‘working to rule’ principle, where employees do exactly what they are employed to do…
‘Cake as bad as passive smoking’
According to the UK’s chief food regulator, bringing cake and other sugary treats into the workplace is as bad as subjecting others to passive smoking. Professor Susan Jebb said in an interview with The Times, that bringing treats and…
Do you have to pay tax on your redundancy pay?
The simple answer is no, redundancy pay is tax free up to £30,000. This is because it is not considered income but rather compensation for loss of position, therefore not subject to income tax. Anything over the £30k…