cuts Articles

Christmas is just around the corner and while limited company owners are all a bit old to be sending letters to Santa Claus, we thought we’d draw up a different wish list – one for the chancellor to read before his Autumn Statement.

1)     Reappraise the dividend tax changes  

From April 2016, changes to the rules governing dividend tax payments will make lots of limited company owners worse off.

The changes affecting limited companies will see the notional 10% tax credit on dividends abolished and replaced with a £5,000 tax free dividend allowance. Over this threshold, dividends could be taxed at a rate of up to 38.1% (for additional rate payers). 

marketing | 14 October 2015
/ / / / /

New research has found that proposed changes to contractors' travel and subsistence allowances could cost them up to 20 per cent of their annual revenue. 

In July of last year the government launched a review into expenses and benefits for contractors. On 23 September 2014 they published a discussion paper outlining their case for changing the current rules on tax relief.

The government believes that travel and subsistence expenses, like travel between workplaces and the cost of a meal at a temporary workplace, are over generous and outdated.