Generate Accounting will close at midday on 23 December 2020 and reopen again on Monday 18 January 2021.
We hope you all get some downtime after such a difficult year and take the time to recharge. We certainly will be!
We would like to wish our clients and suppliers a very Merry Christmas and a happy and prosperous New Year.
Thank you all most sincerely for all your support.
The government announced that with the introduction of the top marginal tax rate of 39%, there would be increased focus on trusts. The trust tax rate is still at 33% and so there could be the incentive to funnel income through a trust if trustees or beneficiaries were paying 39% on their individual income. Any … Important New Disclosure Rules for Trusts Read More »
The government recently announced an increase to the Small Business Cashflow Scheme (SBCS). This scheme is available for businesses with 50 or fewer employees. The SBCS was introduced to support small to medium businesses and organisations struggling with a loss of actual revenue due to COVID-19. When the scheme was initially announced, businesses could draw … Increase to Small Business Cashflow Scheme Read More »
Inland Revenue (IR) has recently released information setting out the tax rules which apply on fees paid to board members. The way taxation applies to any fees paid to members will depend on the personal circumstances of the individual member and the terms of their contract/appointment. Employees Many SME companies have employees sitting on the … Tax on Fees Paid to Board Members Read More »
