Lifetime allowance (LTA) The LTA will no longer form part of the pensions tax regime from 6 April 2024, as recently legislated for in the Finance Act 2024. However, two new allowances, the lump sum allowance (£268,275, subject to any […]
Author: Ammu Accounting
PERSONAL TAXATION
Income tax The personal allowance for 2024/25 to 2027/28 will remain at £12,570 and the higher rate threshold will stay at £50,270, as previously announced. In Scotland, for 2024/25, the starter and basic rate bands will grow by 6.7%, while […]
Another lesson learned in equal pay
Avoid pitfalls in equal pay rules; understand associated employers, comprehensive equality, and job value assessments.
HMRC, eBay and second-hand news
The media storm surrounding HMRC taxing eBay and other online sellers from the start of 2024 was, in fact, itself counterfeit goods.
Increased income – the double-edged sword
Increased income means more than just taxes. Lost benefits & higher tax rates loom. Pensions & ISAs can help navigate the tax trap.
Companies House reform brings tougher company checks
Companies House is introducing wide-ranging reforms. Directors need to get ready for the first tranche of measures.
Moving to Scotland – the cost in tax
Calculate the tax impact of relocating to Scotland. Understand income tax rates, bands, and changes from April 2024.
Business rates relief: extensions and cuts
2024/25 UK business rates relief: 75% discount for eligible properties and Scotland’s 100% relief for island-based hospitality businesses.
ISA reforms from April
April 2024 ISA reforms bring user-friendly changes, allowing multiple subscriptions and greater flexibility in cash and investments.
Making Tax Digital small business review
MTD for income tax won’t extend to earnings under £30,000. Implementation starts April 2026 for £50,000+ incomes, 2027 for £30,000-£50,000.
The national insurance tax cut
UK employees benefit from a 2% NIC rate cut, effective Jan 6, 2024, as the government shifts toward treating NICs as taxes.
Get ahead on capital gains tax planning
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. […]
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