What is this “Dementia Tax”?

The Conservative Party Manifesto announcement and subsequent U-Turn on the requirement to pay for social care may have caused many voters to switch their allegiance in the June Election. Although this so-called “Dementia tax” is not strictly a tax, paying for social...

Motor Racing Sponsorship was Tax Deductible

In order for an expense to be deductible against business profits it must be incurred “wholly and exclusively” for the purposes of the trade. In a recent tax case a hotel owner near Silverstone sponsored his grand-daughter’s career as a racing driver by making...

Diary of Main Tax Events – July/August 2017

JULY/ AUGUST 2017 Date What’s Due 1/07 Corporation tax for year to 30/9/16  (unless pay quarterly) 5/07 Last date for agreeing PAYE settlement agreements for 2016/17 employee benefits 5/07 Deadline for agents and tenants to submit returns of rent paid to non-resident...

Changes to dividend taxation and the impact on company owners

How is dividend income taxed? The taxation of dividends changed on 6 April 2016, the Dividend Tax Credit was replaced by a new Dividend Allowance of £5,000 (to be reduced to £2,000 in April 2018). Dividend income that exceeds the Dividend Allowance threshold, will be...