It has officially been over a year since the initial lockdown, and as we embrace spring coming into full bloom, we have decided to look forward with great optimism. Not only is Easter just around the corner, but it is nearly the start of a new tax year. This is the time to start getting together all the necessary information for your accountant so they can make a start on your tax return as early as possible. Should you need to make a tax payment on 31 January you are aware of the tax liability sooner and you will have more time to set aside sufficient funds to cover your tax bill and manage your cash flow. On the other hand, if you are due a tax repayment, the earlier you can prepare the information for your accountant, the quicker you will receive your repayment.
Frequently Asked Questions
As we approach a new tax year, we regularly get asked the same question. How much should I be paying myself from this month?
For companies where there is only one director and they don’t want the hassle of having to pay across tax and National Insurance contributions each month, we would advise paying £737 per month (secondary threshold)
For companies where there is more than one director and/or employee you can pay £797 per month (primary threshold) providing you are able to claim the Employment Allowance
To pay yourself up to the tax threshold, but incur a National Insurance liability you can pay £1,047.50 per month
Not everyone’s circumstances are the same so please check with us, if in doubt!
Fletcher Thompson App
Have you downloaded our app yet? We have provided a breakdown of the Pros and Cons:
• It is free ✔️
• It has a Mileage Tracker ✔️
• It has 18 Calculators ✔️
• It has a Document Scanner ✔️
• It has an Income Manager ✔️
• It has a Receipt Manager ✔️
• Cloud Accounting; QuickBooks; XERO ✔️
• Wealth Management Advice ✔️
• Tax Tables ✔️
• Key Tax Dates ✔️
• Financial News ✔️
• Share & Fund Prices ✔️
Visit: http://ow.ly/S1yq50DYYPd select either Google Play or The App Store.
Once downloaded, type in the access code: FTCHACC
Five lessons we can learn from female superheroes
1. Black Widow/Natasha Romanoff taught us that even when we have to make tough choices, if you believe in something, know your value & fight for it!
2. Thor, Goddess of Thunder taught us that you may fail, you may succeed but most importantly, you will learn from the experience & you will grow.
3. Pepper Potts taught us to persevere, starting off as Tony Stark’s trusted assistant & eventually becoming the CEO of Stark Industries.
4. In Black Panther, Okoye taught us to stay loyal to our team, stick together & achieve!
5. Finally, also in Black Panther, Nakia taught us to share technology & wisdom, which we interpret as embracing digital accounting! 😉