Author: Emily Wilson

With basis period reform now underway, HMRC is looking at further tax simplification for sole traders and partnerships by increasing the cash basis turnover threshold. The cash basis scheme removes complexities such as accruals and most capital allowances. The cash […]

More than 12 million taxpayers file self-assessment tax returns, but less than 3% do so using a paper return. Given this low demand, HMRC is reviewing the current paper filing service. HMRC stopped sending out paper tax returns three years […]

New measures affecting pension allowances announced in the March Budget could mean your retirement planning strategy needs to be reviewed. If Jeremy Hunt did produce a ‘rabbit-out-the-hat’ in his Spring Budget, it was the announcement of the effective abolition of […]

NATIONAL INSURANCE CONTRIBUTIONS 2023/24 Class 1   Employee – Primary Employer – Secondary NICs rate 12% 13.8% No NICs for employees generally on the first £242 pw £175 pw No NICs for younger employees1 on the first £242 pw £967 […]

VALUE ADDED TAX Registration and deregistration The VAT registration and deregistration thresholds will stay at their current levels of £85,000 and £83,000, respectively, until 31 March 2026, as announced in the Autumn Statement. THINK AHEAD Make sure you submit your […]

PERSONAL TAXATION INCOME TAX 1 Personal allowance reduced by £1 for every £2 of adjusted net income over £100,000.2 Reduced by £1 for every £2 of adjusted net income over £34,600 (£31,400 for 2022/23), until the minimum is reached. 3 […]

The end of the tax year is just around the corner, so it’s time to get your tax matters in order. Set aside a few moments now to review your finances before the end of the tax year to optimise […]