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.
Category: All News
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
Cash basis reform: potential turnover threshold changes
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 […]
Demise of paper tax returns
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 […]
Energy support boost for home-based businesses and employees
The energy price guarantee of £2,500 was extended in the March Budget for a further three months, which is welcome news for employees and any small business owners who work out of residential accommodation. The extension of the energy price […]
The Budget Surprise: changes to the pension tax rules
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 […]
HMRC Tightening up on R&D Tax Credits
R&D Tax Credits are a key part of the government’s strategy to support and reward innovation in the UK. It is a good way for companies to be rewarded for investing in improving existing products, inventing next generation products, improving […]
we are hiring
Join our growing team As a graduate tax and payroll accountant you will be supporting Emily Wilson our Corporate and Personal Tax associate. You will learn essential business and professional skills in a fast-paced environment. A full induction and training […]
new 2023-24 tax tables
Following the Spring Budget our popular tax tables guide has been updated for 2023-24. You can download a copy of ammu’s Tax Tables for free. For expert tax advice get in touch with Emily Wilson at info@ammu.uk today or visit […]
Spring Statement 2023: NI Contributions
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 […]
Spring Statement 2023: Tax Administration
Charitable reliefs UK charity tax reliefs and exemptions will be restricted to UK charities and community amateur sports clubs (CASCs). The change is effective from 15 March 2023 and affects income tax, CGT, corporation tax, IHT, stamp duty, SDLT, SDRT, […]
Spring Statement 2023: Value Added Tax
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 […]
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