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 […]
Author: Ammu Accounting
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.
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.
ISA reforms from April
April 2024 ISA reforms bring user-friendly changes, allowing multiple subscriptions and greater flexibility in cash and investments.
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. […]
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 […]
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