Some careful forethought can help minimise your capital gains tax (CGT) bill. Everyone has an annual CGT exempt amount, which in 2023/24 makes the first £6,000 of gains free of tax. For 2024/25, this amount will be halved to £3,000. […]
Author: Ammu Accounting
Planning for directors and employees
Bringing forward income could be a sensible approach if you are not currently an additional rate taxpayer but expect to become one next year. You could consider a similar strategy to keep your income below the level at which you […]
Autumn Statement – 22 November 2023
Introduction Jeremy Hunt’s second Autumn Statement was set against a much less financially turbulent background than his first. However, politics still loomed large with a likely election in the next 12 months prompting calls for tax cuts from within the […]
economic update
overview The economic backdrop to the Autumn Statement was not as bad as might have been expected from a reading of the March 2023 projections by the Office for Budget Responsibility (OBR). In the spring, the OBR’s first Economic and […]
Autumn Statement: Income Tax and National Insurance
INCOME TAX Main personal allowances and reliefs 2024/25 2023/24 Personal allowance* £12,570 £12,570 Marriage/civil partner’s transferable allowance £1,260 £1,260 Married couple’s/civil partner’s allowance at 10%† – maximum(if at least one born before 6/4/35) – minimum £11,080 £10,375 £4,280 £4,010 Blind […]
Autumn Statement: Business Taxes
Capital allowances: full expensing Full expensing, which was originally due to expire on 31 March 2026, is to be made permanent. This allows companies incurring qualifying expenditure on the provision of new plant and machinery to claim a 100% first-year […]
Autumn Statement – Personal Tax
Income tax The personal allowance will remain at £12,570 for 2024/25 and the higher rate threshold will stay at £50,270, both levels that first took effect in 2021/22. The blind person’s allowance will be increased to £3,070 for 2024/25. In […]
Flexible working – employment update
Employers need to be aware of changes to the flexible working regime expected in summer 2024. But proposals to give employees more flexibility for paternity leave are further away. Flexible working The big expected change – the right to request […]
Farewell to inheritance tax?
In July, the government was reported as holding talks on abolishing inheritance tax (IHT). This wasn’t given much credence at the time, but there are now reports that the March 2024 Budget will include a reduction to the 40% IHT […]
An uncertain future for the Triple Lock
State pension increases could be outpacing inflation next April, and there’s no guarantee of the Triple Lock surviving the next election.
Mitigating rising corporation tax rates
New HMRC statistics have shed some light on how many companies are affected by the recent hike in corporation tax rates.
Deferring your state pension
You do not have to take your state pension at state pension age The current state pension age (SPA) – the earliest age at which you can draw your state pension – is 66. It will be gradually increased to […]
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