Barnard Castle Phone: 01833 630400 Shotley Bridge Phone: 01207 507000

Tax Checklist

Employees – remember that if you are a director of your own limited company that this includes you.
    Has your Accountant mentioned this?
28 Have you got a staff suggestion scheme? This allows amounts up to £5000 to be paid tax free to your employees for suggestions they make which are outside the scope of their normal duties. Yes No N/A
29 Have you got any employees who have worked for you for more than 20 years? You can give them a tax free long service award worth £50 for every year of service, as long as the gift is not in the form of cash or vouchers. Yes No N/A
30 If your PAYE payments to the revenue are less than £1,500 per month you can pay quarterly rather than monthly to help your cash-flow. Yes No N/A
31 If you have people who work mainly for you on a selfemployed basis, are you sure they should be classified as self-employed? Getting this wrong can cost a fortune. Yes No N/A
32 When you take on students during a holiday, get them to sign the form P38S. This allows you to pay them free of tax if they confirm they will continue to attend college until the end of the tax year, have no employment except during holidays and their total earnings will be less than £8,105 in that tax year. Yes No N/A
33 When you take on a new employee make sure you either get a P45 from them or get them to sign a form P46. You will need this to ensure you employee receives the right level of allowances against their wages. This is particularly important for part-time employees, and family members who work for you. Yes No N/A
34 If your employees belong to professional organisations they can claim tax relief on their subscriptions, or you can pay their professional subscriptions on their behalf, as long as the organisation is approved by the Revenue. Yes No N/A
35 Paying bonuses half yearly or yearly rather than monthly can save on employees National Insurances (but not for directors).      
36 If your company makes contributions into a registered pension scheme for you rather than you paying contributions out of your net income, you and the company both save national insurance on those contributions. Yes No N/A
37 When you take on a new employee consider paying their removal expenses if they need to move to take up the job. The first £8,000 paid for one move is tax free, where receipts for the costs are provided. Yes No N/A
38 When an employment contract is terminated there are certain circumstances in which termination payments of up to £30,000 can be paid tax free. Yes No N/A
39 Consider setting up an approved share scheme to allow your employees to buy shares in your company at a favourable price, which will encourage them to be more involved in the business. The employees can also benefit from low tax rates when they sell the shares. Yes No N/A



2014 Teesdale Business Awards

Butler and Gee were once again proud to sponsor and support the Teesdale Business awards held in February 2015. The awards are a fantastic way to recognise the success of local entrepreneurs in various different fields and sectors. The ceremony...

Read More

Our Offices


    7 Newgate
    Barnard Castle
    County Durham
    DL12 8NQ

  • Shotley Bridge Office


    7 Front Street
    Shotley Bridge
    County Durham
    DH8 0HH