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Dividends

Many company owners will be familiar with the benefits, in the shape of tax deferment and National Insurance savings, of extracting funds for personal expenditure from the business by way of dividend as opposed to salary. It is worth remembering that if a dividend is declared this side of April 6, the tax (at 32.5 per cent with a 10 per cent tax credit for those for whom the dividend is over the higher-rate threshold) will be due on January 31, 2003.

But if the dividend is not declared until April 6 or later, it will be part of income of tax year 2002/03, the additional liability on which will not be due until January 31, 2004 – the date by which the return for 2002/03 needs to be submitted to the Revenue.

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Lives: Haywards Heath, Sussex.Born: December 11, 1947.Age: 54Education and qualifications: Caldy Grange School, Wirral; degree in economics from Newcastle University.Career to date: Lloyds Bank 1970/88; UK Land director 1988/91; Nationwide 1991 to date, promoted to divisional director in 1994, appointed to board in 1996, chief executive since January 2002.Career ambition: Achieved. “Happy to retire in […]

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Survey looks at the challenges facing businesses post auto-enrolment

A survey conducted by Johnson Fleming at the Pension & Benefits Show 2014 highlighted the key challenges faced within organisations post auto-enrolment. The results showed that communicating the changes and the value of them to staff, and receiving timely data from the payroll provider proved to still be the most challenging aspects of managing an auto-enrolment scheme.

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