Best Combination of Director’s Salary and Dividend 2022/23

In the corporate world, a limited company is treated as an entirely separate legal entity from its owners and from the directors responsible to run the company. That means the director or the owner will have a separate income tax assessment and the company will have its own corporation tax assessment. That being said, a […]

Gift cards and the trivial benefits exemption

The trivial benefits exemption allows employers to ignore benefits in kind that cost £50 or less for tax purposes, as long as the conditions of the exemption are met. Where the exemption applies the benefit does not need to be reported to HMRC. Staying within the scope of the exemption is perhaps easier said than […]

Should you employ family member for tax saving purpose?

If someone in your family has no other income, you could take them on as an employee in your company and save tax as a result. This could be your spouse or your adult children – and it could even be used as a method to help fund their costs of further education whilst gaining tax […]

Common misconceptions around software R&D tax credit claims

Most people who are in technology often have common misconceptions in regards to R&D tax relief. I have listed some of the most common ones-   Only new software qualifies   This is not true. Even if the software currently exists, improving existing software and overcoming new challenges, still counts as genuine R&D. A rival […]