On The Spot Blogs

Coronavirus Dates To Remember – Just like yesterday’s Valentine date, make sure you don’t miss them!

As we approach Budget day on 3 March, it’ll be nearly a year since the Chancellor’s first Budget which included his initial Coronavirus measures. These escalated pretty quickly into quite a package of measures, which no-one could have predicted. 

Here’s our round-up to check through what might still be available for you. In particular, you may find it helpful to focus on Bounce Back Loans and Local Authority Grants.

 

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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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On Non-Budget Day, 5 Tax Planning Tips You Can Rely On.

It was going to be Boris' first Budget today with, we hoped, a few sweeteners or at least the promise of a few. As we'll only know on Friday 13th December what party or coalition will deliver the next Budget, what can you still rely on when trying to be tax efficient? As I see it, these are the enduring themes:

  • Innovation is a good thing  
  • Green incentives will continue
  • Pension saving will still be encouraged (until your pension is 'big').
  • Timing is (nearly) everything

How do these themes translate into the tax system for you? 

 

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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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