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Articles
Tax traps and how to transform them
Article written by Matt Coppin, Wealth Management Adviser There are situations in which the UK’s complex tax system leaves employees paying very different percentages of the tax burden. We have highlighted below three common examples: The personal allowance 60% tax trap if you are earning £100,000+ Most people have a tax-free personal allowance of £12,570,...
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Payroll is one of the most important aspects of running a business. You need to pay your employees their salary and on time. It is not an easy task for anyone as there are regulations that need to be followed diligently, and it needs to be accurate as any tax mistake could have an impact...
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Outsourcing payroll: what you need to know Payroll is the process of ensuring your employees get paid on time and the right salary, as well as deducting the right amount from their pay for tax and pension purposes. It is very common for business owners to outsource their payroll to their accountants and expert payroll...
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Occupational pension
Pensions are a tax-efficient way of saving money for your future self, once you decide to retire and enjoy your time. It’s like an unbreakable piggy bank on your desk, in which you – and your employer – put money in every month to save until it’s time to break it. And until then, this...
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20211-22 AE thresholds
If you are employed and you are not enrolled in a pension scheme, you should look into it. Pensions are a tax-efficient way of saving into a pot for your future self after you decide to retire. A second pension pot is essential when it comes to ensuring you have a comfortable retirement income as...
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Salary Exchange is a zero-cost employee benefit that increases your employees’ take-home pay (and potentially their pension pot) while also leaving more cash in your business. What is Salary Exchange? Salary Exchange (also referred to as Salary Sacrifice) is an agreement between the employee and the employer. The employee’s contract of employment is altered to...
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The Government has just announced that National Insurance contributions (NICs) will rise by 1.25% for both employees and employers from April 2022 to help fund the NHS and social care across the UK. Fortunately, there are ways to reduce the impact. Main changes National Insurance contribution amounts will be raised by 1.25% for both employee...
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IR35 is extending to the private sector in April 2021, so it is essential that companies start preparing. What is changing IR35 is the UK tax law applicable to the engagement of contractors through a personal service company or other intermediaries. The upcoming changes mean that medium and large businesses will be responsible for working...
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You might have been automatically enrolled into a pension, or your employer might have mentioned Auto-Enrolment to you. But what does it mean? What is Auto-Enrolment Auto-enrolment, sometimes referred to as Workplace Pensions, is a Government initiative, whereby all employers in the UK must put certain staff into a workplace pension. It’s an opportunity to...
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The 2021-22 tax year is starting on the 6th of April 2021. See below an update on the key changes regarding workplace pensions: Earnings thresholds The threshold change will apply to schemes where contributions are calculated on a Qualifying Earnings basis. The Upper level of qualifying earnings will increase from £50,000 to £50,270 per year....
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