Key Points of Spring Budget 2024 Below is a summary of some of the key points announced recently. Personal Tax National Insurance The main rate of Class 1 employee National Insurance Contributions (NIC) will be reduced from 10% to 8%, effective from 6th April 2024. A further cut of 2p to the…
Spring Budget 2023 HMRC have released some notes on the announcements made at the recent Budget. Some of the key points are summarised below: Business Tax Capital allowances – full expensing: the government is introducing full expensing. Companies incurring qualifying expenditure on the provision of new plant and machinery on or after 1 April 2023 but…
Preparing for the new tax year basis — Income Tax Self Assessment HMRC have provided the following notes regarding the change to the tax year basis: The rules HMRC uses to work out sole traders’ and partners’ profits for Income Tax in a Self Assessment return are changing for many businesses for 2023 to 2024 onwards. This…
Taxation of the Self-Employment Income Support Scheme Grant (SEISS) All SEISS amounts received will be subject to income tax and National Insurance contributions and will need to be included on your Tax Return. Croner Taxwise have released some notes providing further detail on this, which we should suggest that you have a read through: https://www.cronertaxwise.com/community/my-vip-tax-team-question-of-the-week-taxation-of-seiss-grants/…
Company Pre and Post Year-End Planning Notes As your company approaches its year-end, you should bear in mind that the profit declared in the final accounts will be liable to Corporation Tax (currently at a rate of 19%) payable 9 months after the end of the year. There are certain items that you should perhaps…
The IR35 ‘off payroll’ rules are to be extended to the private sector from April 2020 onwards. The purpose of the legislation is to remove the tax advantages of providing services via a limited company for individuals who are not truly in business on their own account. Have a look at the following item: https://www.itcontracting.com/april-2020-private-sector-ir35-changes-what-happens-now/…