Author: Ammu Accounting

Here is a quick overview for you to view personal taxation for 2024-5 compared with 2023-4. Main personal allowances and reliefs 2024/25 2023/24 Personal allowance* £12,570 £12,570 Marriage/civil partners’ transferable allowance £1,260 £1,260 Married couple’s/civil partners’ allowance at 10%† – […]

The early trailers in January 2024 for what is probably Chancellor Jeremy’s Hunt’s last ‘fiscal event’ featured Prime Minister Rishi Sunak promising “more to come” on tax cuts.

Here is a simple overview of the 2024-25 NI contributions. Class 1 Employee – Primary Employer – Secondary NICs rate 8% 13.8% No NICs for employees generally on the first £242 pw £175 pw No NICs for younger employees* on […]

HMRC digital services HMRC’s digital services are to be improved and simplified to support income tax self-assessment taxpayers seeking to pay tax in instalments. These changes will be implemented from September 2025. Class 2 NIC abolition The government will consult […]

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 […]

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 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 […]

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 […]

Avoid pitfalls in equal pay rules; understand associated employers, comprehensive equality, and job value assessments.

The media storm surrounding HMRC taxing eBay and other online sellers from the start of 2024 was, in fact, itself counterfeit goods.