In the Budget, the rates for dividend tax rises were confirmed from the new tax year in April 2022 to fund the social care levy, announced last month This measure increases the rates of income tax payable on dividend income by 1.25%. The dividend ordinary rate will be set at 8.75%, the dividend upper rate will be 33.75% and the dividend additional rate will be 39.35%. The dividend trust rate will also increase to 39.35% to remain in line with the dividend additional rate.
Some of the pros and cons of individuals paying themselves dividends from their company, as well as the risks involved The government’s recent announcement that it would increase both the dividend tax and National Insurance by 1.25% has been described as another blow to business owners, particularly those that are already struggling as a result of supply chain disruption, labour shortages and the ongoing impact of the pandemic.
HMRC has updated its guidance for companies using temporary labour to reduce the risk of using an umbrella company that uses tax avoidance schemes Some umbrella companies are non-compliant and operate disguised remuneration schemes. These schemes claim to prevent certain payments made to workers from being taxable. They aim to do this by describing taxable earnings paid to a worker for doing their job as something that is non-taxable instead.
Holders of cryptoassets need to be aware of the tax implications, whether they are trading or mining. Here’s the latest HMRC guidance Bitcoin is probably the most well-known of cryptoassets, but the industry has come a long way since the first open-source Bitcoin was released in January 2009. The term cryptoassets now encompasses all types of cryptocurrencies and tokens.
This World Mental Health Day, advises how best to keep your mental health in check during uncertain times Facing the so-called ‘winter of discontent’ can leave many of us feeling confused and anxious about what’s to come, especially within the context of the past 18 months. There’s a real sense of trepidation towards re-adjusting to the longer-term implications of Covid-19, such as returning to the workplace and the looming wave of redundancies as the furlough scheme ends.