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By MAR Accounants

     5 min read

When a customer purchases an item or service from a business an invoice confirming the amount to pay should be raised either at the time of ordering or after delivery. If the seller is VAT registered a specific type of invoice is required to charge VAT on sales or reclaim the VAT charged for goods and […]

 

By MAR Accounants

     5 min read

Overview Dividend is taxed based on the total dividends received in a tax year which runs from 6 April to the following 5 April. So, for example, dividends received in the year 6 April 2020 to 5 April 2021 will be taxed in 2020-21 tax year based on tax rates applicable for that year. There […]

 

By MAR Accounants

     5 min read

The tax systems contains a number of allowances which enable individuals to enjoy income and gains tax-free. One of these allowances is the annual exempt amount that applies for capital gains tax purposes. For 2021/22, it is set at £12,300. It will remain at this level for 2022/23. Nature of the annual exempt amount The […]

 

By MAR Accounants

     5 min read

It is prudent to plan ahead for retirement and tax breaks are available to encourage savings into a registered pension scheme. Contributions into a registered pension scheme attract tax relief as long as the contributions are covered by the available annual allowance and are not more than 100% of earnings (or £3,600 if higher). Tax-relieved […]

 

By MAR Accounants

     5 min read

The Employment Allowance is a National Insurance allowance that eligible employers can claim and set against their secondary Class 1 National Insurance liability. The allowance is set at £4,000 for 2021/22 (capped at the employer’s secondary National Insurance liability for the year where this is lower). Can you claim it? Not all employers are able […]

 

By MAR Accounants

     5 min read

Recent years have seen HMRC stepping up its efforts to reduce what is termed the ‘tax gap’ (defined as being the amount of tax that HMRC think should, in theory, be paid in comparison with the amount actually paid) which from statistics published in February for the 2019/20 tax year is believed to be £35 […]

 

By MAR Accounants

     5 min read

In a personal or family company the director will often borrow money from the company. This can be an easy source of finance, and also one that can be tax efficient as, if you time it correctly, it is possible to borrow up to £10,000 for up to 21 months tax-free. However, there are tax […]

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