Entries by Mani Kauren

Succession planning for a family business

There are more than 3 million family businesses in the UK, which between them employ more than 9 million people and contribute 15% to GDP. Despite these successes, family businesses often experience difficulties when it comes to passing their businesses to younger generations. Research has found that only a third of family businesses are successfully […]

Personal tax planning

The overriding aim of all personal tax planning is to legally reduce the amount of tax paid on an individual’s income. This income can come from a number of sources and the tax reduction strategies availablewill be based on the reliefs and allowances applicable to each source. Income tax For the 2016/17 tax year, most […]

Insider march 2016

Pension freedom barriers to be removed The government has introduced a range of measures aimed at removing barriers that may be stopping people from being able to access their pensions. In January, the Chancellor announced that he would be giving the Financial Conduct Authority (FCA) the duty to cap excessive early exit charges.  FCA data […]

Salary or dividend?

Owner-managers and contractors often pay themselves in a combination of salaries, bonuses and dividends. A common strategy is to draw a salary of around £8,000 while also extracting profits from the business as a dividend. A salary of £8,060 (for the 2015/16 tax year) preserves entitlement to the state pension and some benefits. It is […]

Residence and Domicile

A guide to understanding the terms residence and domicile as well as their legal and tax implications. A large part of a person’s legal identity is based upon where they live at any one time and how long they will be staying there. If you stay in the UK for a prolonged period of time, […]