Just four years ago, RfM client ST&R comprised a compact team of 15 insurance specialists, occupying, let’s say a ‘cosy’ office space in Chorley. But what the business lacked in decor and facilities, it more than made up for in enthusiasm and drive. Fast-forward to 2016 and the headcount and profit forecasts have grown at a whiplash-inducing rate. So, what is the secret to ST&R’s impressive numbers?
Archives for March 2016
In defiance of the doubters, three members of staff from our Ulverston office successfully completed The Firewalk Challenge to raise money for RfM’s chosen charity, Furness General Hospital Oncology Unit.
Are dividends still the most tax-efficient way to extract profits from your company?
A key advantage of trading as a company is that the owners, who are generally both shareholders and directors, are only liable for tax and NIC on any profits extracted from the company, so any profits retained in the company are sheltered from personal tax rates. If funds are required to reinvest into the business or to repay debt, the only immediate tax hit is the corporation tax charge of 20%.
When the Chancellor announced the introduction of new rates of Stamp Duty Land Tax (SDLT) for buy to let properties or second homes in his Autumn Statement 2015 few perhaps realised how much more complicated property transactions could well become.
All hopes that the Chancellor would change his mind about the restrictions to income tax relief for landlords of residential properties were dashed in the Autumn Statement when additional charges to Stamp Duty Land Tax on purchases and acceleration of capital gains tax on sale were also announced.
In December 2015, HMRC launched the Personal Tax Account (PTA); an early step in the long path of the government’s Making Tax Digital project.
There can be generous tax relief for charities but only if they are correctly set up and run. As HMRC has recently updated its guidance on the tax treatment of charities now is the perfect time to review the current tax position.
The Marriage Allowance, introduced in April 2015, lets eligible individuals transfer 10% of their personal allowance to their spouse or civil partner.
A number of welcome changes to the taxation of benefits on employees and directors come into effect from 6 April 2016.