Here are some tax free treats you could take from your company, with the maximum tax free amounts for a two person shareholder-director company shown in brackets. 

• Salary (£25k pa)
• Trivial Benefits (£600 pa)
• Annual Parties (£600 pa)
• Cycle To Work Scheme (Credit License Limit: £2k)
• Private Health Checks (Annual - £No Limit)
• Eye Tests (Annual - £No Limit)
• Tax Free Dividends (£2k)
• Pensions (£120k pa – With IFA Advice)
• Relevant Life Policies (£Not Excessive)

There's been a lot said today, but does it amount to refilling what has been there before or something new? Was there anymore in it than for high earning, beer drinking, car driving, parents with potholes outside their home?

Tax changes effective this April 2023...

With important tax changes taking place this April, see what action you might take:

Frozen Allowances

Inflation is a gift for the Chancellor when so many tax allowances have been reduced or frozen. As wages increase with inflation, more and more people will get caught by a 40%, 60% or 45% tax rate and many will have to repay child benefit when they didn’t before. 

In this environment, the real tax cost of earnings and profits will increase as time goes on. For example, if you’re planning to refurbish your buy-to-let you might save more real income tax by delaying the refurbishment.

Having a look back at the most common tax areas applicable to our SMEs in 2022. Which of these applied to you and did you get an acceptable result?