Director/shareholders can at times find themselves in a situation where they have used business cash to fund personal purchases. It is important to record such transactions adequately in the company books to avoid potential issues with HMRC.
The 2018 Budget increased the tax and NI bands from April 2019. They won’t be increased again until April 2021. Therefore, the resulting tax saving has the appearance of being more generous than it actually is as there are changes to NI contributions to factor in.
Recent Government introduction of Tax Free Childcare has led to parents assessing their current arrangements. There is still a lot of confusion regarding which option may be best suited to individual circumstances.