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This issue will cover; Pensions to lose IHT exemption At the Autumn Budget the Chancellor announced plans to remove the exemption which allows unused pension funds to be inherited tax free. Currently, if a pension holder dies before the age of 75 their beneficiaries can generally inherit the remaining funds tax-free, whether as a lump…Read More
This issue will cover; EMPLOYER’S NATIONAL INSURANCE HIKE The Chancellor has announced that the main rate of secondary Class 1 national insurance contributions (NIC) for employers will increase by 1.2 percentage points from 13.8% to 15% from April 2025. The Class 1A and Class 1B employer rates (relating to benefits) will also increase in line…Read More
Wessex Leisure are one of the leading buyers of caravans and motorhomes in the South West. Company Director, Shaughnessy Abrahams, began buying and selling leisure vehicles in 2016. His first business grew quickly – opening an NCC and AWS accredited workshop near Burnham-on-Sea in 2018. In the same year, Shaughnessy was named as the Federation…Read More
This issue will cover; RTI reporting changes delayed HMRC has delayed planned changes to real-time information (RTI) reporting requirements for employee hours worked. Draft legislation was published in May aimed at improving the range of data collected by HMRC. The proposed changes will require businesses to provide more detailed information to HMRC via self assessment…Read More
This issue will cover; Cash basis by default From 6 April 2024 the cash basis has replaced accruals as the default method for preparing sole trader and partnership accounts for tax purposes. Previously, only unincorporated businesses with total receipts below £150,000 were entitled to opt out of accruals and file their accounts with HMRC using…Read More
Established in 1972, West Country Park Homes Ltd has become one of the South West’s largest independently owned residential and holiday park estates – with eleven locations in and around Burnham-on-Sea and Weston-super-Mare in Somerset. The award winning company was founded by John and Sally Bareham, who opened their first park more than 50 years…Read More
This issue will cover; Student Loans and Basis Period Reform New guidance from HMRC confirms that profits used to assess student loan repayments and entitlement to student finance will include transitional profits from basis period reform. Student loan repayments for self-employed taxpayers are based on the profits reported in each tax year. For the tax…Read More
This issue will cover; National Insurance Rates cut again The headline news from the Spring Budget was further cuts to national insurance contributions (NIC) of 2% each for self-employed taxpayers and employees. The main rate of primary Class 1 NIC paid by employees on earnings between £12,570 and £50,270 per year will be cut from…Read More
If you’re yet to submit your 2022-23 self-assessment tax return, don’t panic, we can help! If you are required to complete a self-assessment tax return, the deadline for online filing is 31st January 2024. It’s important to get your tax return information to your accountant as soon as possible following the end of the tax…Read More
This issue will cover; National insurance rates cut The Chancellor has announced cuts to national insurance contributions (NIC) for self-employed taxpayers and employees. The headline news from the Autumn Statement was the reduction of primary Class 1 and Class 4 NIC and the removal of compulsory Class 2 NIC. The main rate of primary Class…Read More
This issue will cover; Pensions update – income tax for beneficiaries In Spring Budget 2023 the Chancellor announced a welcome change to the tax treatment of pensions – the scrapping of the Lifetime Allowance (LTA). The LTA stood at £1,073,100 when the process began on 5 April 2023 with the removal of the LTA charge.…Read More
We are proud to announce that Senior Associate, Katie Boyd, has gained FMAAT status – the highest level of membership within the Association of Accounting Technicians (AAT). Katie joins Practice Manager, Fay Love, in achieving FMAAT status, demonstrating senior experience, advanced expertise and sustained professionalism within the finance industry. Katie joined our team in 2006,…Read More
This issue will cover; Settle the tax with a PSA Occasionally you may reward your employees with something special such as a holiday or a hamper. If the value exceeds the tax-free amount permitted under the rules for say long service awards, trivial benefits or staff suggestions it will be taxable. To avoid your employees…Read More
This issue will cover; R&D tax relief curtailed for some Last Autumn the Chancellor cut the enhanced deduction for expenditure by SME companies on R&D projects from an extra 130% to 86% and the payable tax credit from 14.5% of the loss surrendered to 10%. These new rates will come into effect for qualifying R&D…Read More
This issue will cover; Planning dividends in 2023 Owners and directors of family businesses often take a small salary from the company and any extra funds as dividends. Owners and directors of family businesses often take a small salary from the company and any extra funds as dividends. Other family members may also hold shares…Read More