On The Spot Blogs

Budget 2020 - A pot-hole free drive in your electric car through magic money trees?


There is much to be happy about in today's Budget, where the magic money trees are well and truly thriving!

Businesses will benefit from many announcements, particularly those who trade from a property, have one or two employees, and need a new car!

Business rates are abolished for a year for rateable values of less than £51k and these same businesses will receive a £3k grant, as a response to the Coronavirus but it's also part of the overall picture of dealing with competition from Amazon and other online retailers.

 

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It's Tax Return Season - 5 reasons to avoid the rush

It's Tax Return Season - 5 reasons to avoid the rush

You do it every year.

You know it’s coming, like your partner’s birthday or Christmas, yet more often than not, you leave it till the last moment. Probably it’s because it’s one of those tasks which is always looming in the background and you don’t really like doing it. All those receipts, all those invoices. 

You ask yourself "Why don’t I get it done earlier and avoid the stress or rushing around when I have plenty of other important things to do?”  Here are five very good reasons to get next year's tax return in quickly:

 

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After lots of Tricks, it's time for some Treats! Take over £100k from your Limited company tax free.

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 (£4k)
  • Pensions (Possibly £80k pa – With IFA Advice)
  • Relevant Life Policies (£Not Excessive)

 

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