SRK Monthly Update – April 2018
The end of the tax year brings new directors salary and dividends rules. Make sure to check them out!
Directors Tax Free Salary 2018/2019
For the 2018/19 tax year the personal allowance is £11,850.
Directors salary has increased from £680 to £702 each month. This is the amount directors can pay themselves through payroll without incurring tax or NI contributions.
From 6th April changes have been made, and a new dividend allowance has been implemented.
For the 2018/19 tax year, dividends are taxed as follows:
- The dividend allowance means that an individual’s first £2,000 of dividends are tax free
Over and above this £2,000 the dividend income is taxed as follows:
- If you have any un-used personal allowance then that element is tax free
- Any dividends up to £46,350 for 17-18 attract a tax charge of 7.5%
- Dividends above £46,350 are charged at 32.5%
- Additional rates of tax will apply and personal allowance will be reduced if you declare more than £100,000 in the tax year
To read more, click here.
Corporation Tax Rate
Corporation tax will remain unchanged for 2018/2019 at 19%.
Meet Our New Team Member
This April we had a new Client Manager join our Birmingham team. Introducing Yemi!
Qualification: ACCA (in progress)
Mini-CV: Transactional finance experience in industry and accounting experience in a small medium firm
When she’s not hard at work, she’s happiest… relaxing in bed with good music and an even better book
Her ‘castle in the sky’ is… a modern apartment in the country
Make her day with a… a bowl of sweet cinema popcorn
In May we have a new Client Manager that will be joining our London team. Read our monthly update in May for a full introduction.
Bank Holiday Working Hours
The SRK offices will be closed both the May Day (7th) and the Late May Day (28th) bank holidays.
Any client queries should be emailed to firstname.lastname@example.org.
The Countdown is on!
Simon’s book is almost here! Sign up for your free digital version and send it to as many business owners that you know to take advantage of his pre-release deal!
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