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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
This issue will cover; Dividend tax Dividends are taxed at much lower rates than other forms of income and they are not subject to national insurance contributions (NIC). This can make taking income from your own company in the form of dividends far more attractive than paying yourself a bonus. All taxpayers are currently entitled…Read More
This issue will cover; Income tax cuts next year Share schemes explained IR35: Contractors delighted by changes Companies spared tax rise Home buyers to pay less stamp duty Crack down on cloned companies Tax incentives in investment zones NIC cut in November Income tax cuts next year In last week’s Budget the Chancellor stunned his…Read More
This issue will cover; Cost of travelling to work Electronic sales suppression Working at home deductions Paying PAYE Beware of early RTI returns Loans to employees Paying your income tax bill Reporting UK property gains VAT portal to close Cost of travelling to work Travelling to the workplace may now be unaffordable for some employees…Read More
This issue will cover; Changing NIC in July Cost of living support Tax implications of homes for Ukraine Reporting employee expenses Car or van questions Trivial benefits for directors Beware of tax scams Preparing for MTD for income tax Using your personal tax account Changing NIC in July The rates for national insurance contributions (NIC)…Read More
This issue will cover; MTD for VAT is compulsory Declare your COVID-19 grants VAT on termination fees COVID-19 sick pay scheme ends Tax on PPI interest Hospitality VAT rates increase Advisory fuel rates Cryptoassets are taxable Valuation of let property Interest on late paid tax MTD or VAT is compulsory For VAT periods starting on…Read More
This issue will cover; New MTD filing penalties Delays to income tax repayments Make your gift aid donations now New late VAT penalties Benefits of electric vehicles Paying tax to right account HMRC challenges SEISS grant claims Correcting furlough grants Use your basic rate band New MTD filing penalties Filing VAT returns using making tax…Read More