Welcome to the 8th July Summer Budget edition of Tax Tips & News.
In this analysis we have mainly concentrated on the tax measures that will directly affect individuals, employers and small businesses.
We are committed to ensuring all our clients don’t pay a penny more in tax than is necessary.
Chancellor George Osborne has delivered the first Budget by a wholly Conservative government in almost 20 years. The March 2015 Budget provided some clues as to possible new measures and of course, the Conservative election manifesto contained a wide range of commitments to be introduced during the course of the current parliament.
POD growing at MJH!
We haven’t seen any UFO’s lately, but MJH Accountants do have a POD. Those of you who attended the Leyland Shout Group yesterday will know all about this MJH phenomenon. Our POD (Point of Difference) is that we believe in having contact with our clients throughout the year, we want to build up a relationship which isn’t limited to a bag of receipts at year-end! You could also describe the team as 5 peas in a POD, in that we are all growing together and are fresh, energetic and vibrant. We are always ready to ‘pop’ into action whenever required. Our POD is that we are Professional, Original, Dynamic and of course, always there! Make contact with us, help our POD to grow!
To July’s Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.
HMRC has started the tax reconciliation process for the majority of taxpayers who are taxed under PAYE. This may include you or your relatives, as this reconciliation also covers those in receipt of the State Retirement Pension and private pensions.
Team MJH have a ‘snapping time’ courtesy of Preston Guild Hall and Sophie Paget.
Sophie is one very lucky person winning two prizes as a result of the Lancashire Expo – a bottle of Tattinger from Raecan Marketing Solutions and four tickets to the see The Mousetrap with the compliments of Preston Guild Hall. As Sophie was in Paris last Friday, Mark, and his wife Laura, James and Andrea went to see Agatha Christie’s The Mousetrap. What a thrilling time we all had. Although we managed to work out the “how” we failed to detect the “who” and as we were sworn to secrecy by the cast before departure, we aren’t at liberty to share the secret with you! Needless to say, the set was excellent and the cast flawless. It was also extremely satisfying to receive something free for once. Keep on winning Sophie. Feel free to go on to bigger and better things, we are always willing to represent you!
To June’s Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.
If you need further assistance just let us know or you can send us a question for our Question and Answer Section.
We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.
Please contact us for advice on your own specific circumstances. We’re here to help!
Make the Best of Allowances
As the sole owner/director of your company you face a dilemma over how to extract income from that company. If you pay yourself a salary of more than £8,060 per year you will have to pay class 1 NIC at the rate of 12% on the excess pay above that threshold up to £42,385 pa. However, income tax is not due until your salary tops £10,600 (the value of your personal allowance for 2015/16).