Registration and deregistration The VAT registration threshold will increase from £85,000 to £90,000 from 1 April 2024. The deregistration threshold will go up from £83,000 to £88,000. DIY Housebuilders Scheme Following digitisation of the DIY Housebuilders Scheme, the government will […]
Author: Ammu Accounting
BUSINESS TAXES
Corporation tax rates The main rate of corporation tax will remain at 25% and the small profits rate will stay at 19% for the financial year starting 1 April 2025. Extending full expensing to leased assets Currently, leased assets are […]
WELFARE AND FAMILY SUPPORT
Universal credit (UC) Many of the UC rates will rise by about 6.7% from April 2024, including the standard and work allowances as well as the extra amounts for children, except for amounts in respect of first children born before […]
CAPITAL TAXES
Capital gains tax (CGT) annual exempt amount The CGT annual exempt amount for individuals and personal representatives will be cut to £3,000 for 2024/25. The annual exempt amount for most trusts will likewise fall to £1,500 (minimum £300) as previously […]
PENSIONS, SAVINGS AND INVESTMENTS
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 […]
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.
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