Increases in income tax rates on investment income The 2025 budget introduced an increase in the tax rates on investment income. Those old enough may remember the Labour government of the early 1970s, the last time an added surcharge was placed on investment, as opposed to earned, income. At its height the surcharge got…
Read more → Tax Rises on Investment IncomeNew Advisory Fuel Rates (Effective 1 September 2026) 1. Petrol Vehicles Up to 1,400cc: 14p per mile (No change) 1,401cc to 2,000cc: 17p per mile (No change) Over 2,000cc: 27p per mile (Increased by +1p) 2. Diesel Vehicles Up to 1,600cc: 15p per mile (No change) 1,601cc to 2,000cc: 16p per mile (Decreased by…
Read more → New Advisory Fuel Rates from 1 SeptemberFor Directors of Limited Companies Clients should consider reviewing their Company’s financial position 5 to 6 weeks before the end of the financial year. Once your year-end date passes, most tax-planning opportunities for this trading period are legally locked out. 5 Key Action Items to Review Before Year-End 1. Employer Pension Contributions To qualify for…
Read more → PRE-YEAR-END TAX & FINANCIAL BRIEFINGKey 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…
Read more → Spring 2024 Budget NotesSpring 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…
Read more → Spring Budget 2023Preparing 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…
Read more → Preparing for the new tax year basis – Income Tax Self AssessmentTaxation 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/…
Read more → Taxation of the Self-Employment Income Support Scheme Grant (SEISS)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…
Read more → Company Pre and Post Year-End Planning NotesThe 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/…
Read more → IR35 changes in April 2020Making tax digital is a scheme by the UK government to make it easier for businesses and individuals to manage their taxes. The first stage comes into play on 1st April 2019 and is called Making Tax Digital for VAT. From this date, VAT registered businesses (those companies with their turnovers over the VAT threshold…
Read more → Making Tax Digital
