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Top Tax Tip

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Questions that Change Your Mind

The famous Rainer Maria Rilke wrote 'Now do heart work on the pictures within you.' What does that mean?

   

Quote Of The Week

Set your sights high, the higher the better. Expect the most wonderful things to happen, not in the future but right now. Realize that nothing is too good. Allow absolutely nothing to hamper you or hold you up in any way.

Eileen Caddy    

Scan This!

These are the new QR codes that are becoming more and more popular across the UK. Tips of the week - put one on your business card, all people have to do is scan it (through a QR code scanner on their phone), and they get redirected to your website straight away!

Joke of the Week  

Accountant after reading nursery rhyme to his son;

No son, when Little Bo Peep lost her sheep that wouldn't be tax deductible, but I like your thinking!  

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BrainTeaser - Chickens!     

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If your employees are working, or going to be working, abroad, you need to consider carefully their potential liability to both income tax, and national insurance. Be careful though, as there are different rules for each.

National Insurance 

If your employee has been living and working an an employee (not self employed) in the UK before he goes abroad, then he is still liable to national insurance for 52 weeks after he leaves. This means that you (the employer) and your employee will both have to pay class 1 NICs for 52 weeks while your employee works abroad.

However, there could be a reciprocal agreement for social security contributions between the country where your employee will be working, and the UK. This will determine where social security contributions, such as national insurance, should be paid.

To read the rest of this article, please click here. 

Tax on Company Cars is part of the reason that being provided with a company car has reached such high levels of cost. In order to minimize the tax costs of company cars, careful consideration is now needed as to whether or not to make use of a company car for personal use.

Company Car Tax Factors To Take Into Consideration

• The basics - The amount of tax, and what tax band your company car falls into, is determined by the vehicle's list price, CO2 emissions, and the type of fuel the car uses. The lower the CO2 emissions and list price, the lower that tax charge on your company car. Bear in mind though, diesel vehicles carry a premium. The charge is discounted for environmentally friendly cars, and if you have a company car which cannot, under any circumstances, produce CO2 emissions, then there is no tax charge.

To read the rest of this article, please click here. 

Client Spotlight - South Street Hardware 

You can use the Enterprise Management Incentive, a type of share option scheme, to provide tax-efficient, targeted incentives to your key employees, or employee groups. Your employee is given the right to purchase shares in your company (the employing company) in the future (an option) at a price set at the date of grant (the exercise price). Your employee then gains when the value of the shares rises above the exercise price. The Enterprise Management Incentive is designed for use by smaller companies. 

The Tax Effects of the Enterprise Management Incentive Scheme 

You can set the exercise price, at your own discretion. As long as the exercise price is set either at or above fair market value at the date of grant, there is no income tax or national insurance payable, on either the grant or on exercise of the option. The individual will be liable for capital gains tax on the profit when the shares acquired through exercise of the option are sold.    

To read the rest of this article, please click here. 

Comedy Zone - Things to do in the office when you're bored

Things To Do In The Office When You're Bored.wmv