< 1 minute to read 1 April 2024 saw the VAT 12-month taxable turnover threshold rise from £85k to £90k. This measure was announced by the Chancellor in the Spring Budget with the aim of helping to support small and medium-sized enterprises (SMEs). The deregistration threshold limit also increased by £5,000 from £83,000 to £88,000 from 1 April 2024. For …
2024/2025 Tax Data
< 1 minute to read In an easy-to-read format, our tax data cards contain a snapshot of the tax rates and bands for individuals and businesses for the financial year 2024/25. Download a copy here, or get in touch with either our Leicester or Loughborough offices for a printed card. Rates, bands and allowances covered include those for: Income Tax …
Companies House changes now in force
< 1 minute to read As part of an ongoing intention to improve the quality and reliability of Companies House information, various changes came into force on 4 March 2024. These relate to company incorporations and in the information held by Companies House. The information Companies House has about a limited company should be validated annually, this being the responsibility …
Tax & your family: tax planning 2
4 minutes to read The one sure thing with a family is that your financial circumstances are always changing. Reviewing your position with your accountant in the last weeks of the tax year will mean the full use of bands and allowances. Here we give an overview of considerations for married couples and civil partners, children, grandparents, and those …
Review your affairs: tax planning 1
5 minutes to read The last few weeks of the tax year are a good time to review your financial arrangements with your accountant. Make sure your family and business finances are arranged as efficiently as possible. We are still in a period where the freeze of many tax rates and thresholds continues to increase the government’s tax take, …
REVERSAL! Double cab pickup trucks latest
< 1 minute to read 20.2.24 HMRC announce a u-turn on the classification change we reported on last week. So.. for now, double cab pickups will continue to be treated as goods vehicles rather than cars, and businesses and individuals can continue to benefit from its historic tax treatment. The government will change the law at the next available Finance …
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Budget: 6 March 2024
7 minutes to read The 2024 Spring Budget The main themes in the Spring Budget delivered by Chancellor, Jeremy Hunt, on 6 March were growth, public services and lower taxes. On growth, there was relatively little to excite – the Office for Budget Responsibility upgraded its forecast for the current year by 0.5% and now predicts the UK economy …
Do you hold or trade cryptoassets?
< 1 minute to read If you receive cryptoassets from employment, or sell or exchange cryproassets, you may need to complete a Self Assessment tax return for the 2022 to 2023 tax year. Any income or gains above the tax-free allowance should be declared. The deadline to complete a tax return and pay any tax owed is 31 January 2024. …
National Insurance rate change
< 1 minute to read On the 6 January 2024 the National Insurance rate for millions of UK workers was cut from 12% to 10%. This brings the main rate to its lowest level for more than twenty years. It applies to the Employees’ Class 1 National Insurance Contribution (NIC). The Employers’ NIC rates remain unchanged. Further cuts From April 2024, …
Tax and the side hustle
2 minutes to read Do you sell unwanted items online? Is your creative interest bringing in a top-up income? The ease of online trading has been with us for several years now, and with apps like eBay, Vinted and Etsy, it has never been easier to turn unwanted items into cash. Add to the above Airbnb letting, renting out …