The combination of a frozen inheritance tax (IHT) nil rate band and considerably higher property values has pushed more estates into the IHT net.
Author: Ammu Accounting
Self-assessment threshold rises from 2023/24
Fulfilling a self-assessment tax return holds immense importance for various reasons, although PAYE taxpayers are generally exempt from this requirement.
Energy Price Cap Drops to £2,074
From 1 July, the energy price cap set by energy regulator, Ofgem, will fall from £3,280 to £2,074.
Selling power back to the grid
With continuing high electricity prices, now could be a very good time to install solar panels at your property.
More action to counter fraud
The government has announced a new initiative to counter fraudulent activity, particularly in the financial sector.
Increasing company transparency
At present small companies have to file a balance sheet each year but adding a profit and loss account and directors’ report is optional. Most choose not to do so.
New tax year resolution: don’t be careless
The former Chancellor, Nadim Zahawi, is reported to have paid a 30% tax penalty as part of a £5 million settlement with HMRC regarding the disposal of shares in a company he had co-founded.
Improving employee happiness
High inflation has led to a cost-of-living crisis and strike action by groups of employees demanding pay rises in line with inflation.
Childcare support boost
Parents looking to return to work will benefit from a range of measures in the spring Budget to help with childcare. Childcare costs in the UK are among the highest in the world and a significant barrier to working for […]
Pensions shake up – what it could mean for you
The headline-grabbing announcement from the March Budget was the abolition of the lifetime pension allowance. However, this may not be quite as advantageous for higher paid individuals as some reporting suggests.
Mind your allowances
Until fairly recently, it was usually beneficial for tax for shareholder directors to take dividends instead of bonuses, because dividends are taxed at lower rates than earnings.
Top up or lose out
When the new State pension was introduced back in 2016, transitional arrangements meant people could make voluntary national insurance contributions (NICs) to fill gaps from 2006/07 onwards
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