Directors can save £1,600 in corporation tax by paying a tax efficient directors salary. The optimum salary incurs no additional personal income tax or national insurance. Every year the tax allowances change. So every year the optimum directors salary changes and this is no different in April 2018. From 6th April 2018 the directors salary …
The minimum contributions which employees and employers must pay in pension contributions is due to increase. Failure to comply can incur penalties of up to £10,000 per a day. The pension changes are applicable from April 2018. Most businesses with employees have already set up pension schemes and they are registered for auto enrolment with …
If you fail to notify HMRC that you should register for VAT the penalty can be high. Anywhere between 0% and 100% of any VAT that you owe can be charged. HMRC could effectively double your VAT bill with these additional penalties. If you should register for VAT it is important to act now. Should …