When the payslip arrives at the same time each month the majority of us tear it open to see if a miracle has occurred and the bosses have kindly decided to overpay this month. When you realise that this is not the case and it’s the same as every other month it will go into the drawer with all the others never to be considered again. The assumption is made that the tax payments are dealt with and as such will be correct. A few simple steps however can confirm whether this is the case or not. (more…)
Posts Tagged ‘Payroll’
Checking your monthly UK payslip – A simple guide
Wednesday, September 8th, 2010Form P86 withdrawal – UK international payroll
Monday, June 7th, 2010On responding to a recent enquiry, I thought it may be opportune to note that the UK Form P86 is no longer required. (A normal starter form – P46 – is to be used instead). (more…)
Extracting profits from a company
Thursday, January 28th, 2010Whether you are considering extraction of profits from a company on a tax year basis or aligned to the company year end, there are a number of issues that should be considered. (more…)
Looking forward – 2010
Thursday, January 14th, 2010Bearing in mind the new high rates of tax on income over £100,000 or taxable income over £150,000 it might be possible to accelerate income into 2009/10 to reduce or eliminate the impact of the new higher rates, by drawing down additional dividends or paying or voting additional salary or bonus.
Accelerating income will, however, have the downside of accelerating the tax payments on that income, but if you are likely to be liable at either 50% or 60% effective rates, then this is worth considering.
The interaction with the new pensions forestalling legislation must not be overlooked, however.
You may consider that pension payments and donations to charity would benefit you more in 2010/11 than in 2009/10, so it may also be worth delaying these. Before making any decisions about pension contributions you will need to take specific detailed advice if your income in 2009/10 or either of the two preceding years exceeds £130,000.
