Tax planning is key to optimising tax relief and allowances for a robust financial plan for life, work and family.
Welcome to the ammu
Tax Planning + Advice Hub
ammu Hub Expert Emily Wilson
Our hub gives you the facts, case studies and resources to help with tax planning and plan for the future.
We’ll give you the advice and support you need to optimise your tax relief and allowances and make the right decisions for you today and for tomorrow.
Recent News + Blogs
Spring Statement SummaryMost of the announcements made by UK Chancellor Jeremy Hunt will have a significant impact on our personal finances. The energy price guarantee will continue until July, the fuel duty rise has been cancelled and the lifetime allowance for pensions […]
Spring Statement 2023 IntroductionThe first Budget since October 2021 was widely expected to be an uneventful affair. Five months ago, the then new Chancellor, Jeremy Hunt, presented an Autumn Statement that was more of a Budget than many formal Budgets. Not only did […]
Spring Budget 2023: personal taxationPERSONAL 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 […]
Spring Statement 2023: Pensions, Savings & InvestmentsLifetime allowance (LTA) The Chancellor announced the abolition of the LTA. The 55% and 25% LTA charge tax rates that apply when an individual exceeds the LTA for pension savings will be reduced to nil from 6 April 2023. Consequently, […]
Spring Statement 2023: Business TaxesBUSINESS TAXES Corporation tax rates Corporation tax is charged at 25% (main rate) and 19% (small profits rate) for financial years 2023 and 2024. The Patent Box deduction formula will be amended to ensure the correct amount of relief is […]
Spring Statement 2023: Tax AdministrationCharitable 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, […]
Profit withdrawal changes for 2023/24From 1 April 2023, the current 19% rate of corporation tax will only be available for the first £50,000 of profits.
Spring Statement 2023: Value Added TaxVALUE 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 […]
Spring Statement 2023: Capital TaxesCapital gains tax (CGT) annual exempt amount The CGT annual exempt amount for individuals and personal representatives will be cut to £6,000 for 2023/24. The annual exempt amount for most trusts will likewise fall to £3,000 (minimum £600), as previously […]
Tax warnings for online sellers, influencers and content creatorsHMRC’s latest wave of ‘nudge letters’ has been targeted at online sellers, influencers and content creators warning them that they may not have paid enough tax.
Scotland needs a new tax system and higher tax revenueThis was the conclusion reached in a paper published by Reform Scotland at the end of June 2022 and written by Heather McCauley, a former senior civil servant who has worked for the UK, Scottish and New Zealand Governments. We […]
60% income tax is grabbing the headlines. It’s been around for a decade. (And its 61.5% in Scotland)The high marginal tax rates created by phasing out the personal allowance are back in the news. ‘A million to pay 60% income tax within years,’ ran a recent headline in The Sunday Telegraph. The next day The Times picked up on the same […]
Reclaiming overpaid inheritance taxInheritance tax (IHT) is expected to raise £37 billion over the next five years – £10 billion more than in the past five years. But IHT is sometimes overpaid and it is reported that families have made 32,000 claims for IHT […]
some of the recent NIC changes have caused complicationsSome of the latest changes to national insurance contributions (NICs) started from 6 July 2022, causing complications for self-employed people and directors. Normally rates and thresholds are set for the whole tax year, as with employers’ contributions, which increased to […]
making tax digital for sole traders and landlordsThe widening scope of Making Tax Digital (MTD) is highlighting several issues, including the limited availability of the MTD for income tax pilot scheme, and low awareness of the recent expansion of MTD for VAT to all VAT registered businesses. […]
what is employment?The Court of Appeal has for the first time ruled on employment status under the intermediaries legislation (often known as IR35) in two cases involving Kaye Adams and Paul Hawksbee – and agreed with HMRC in both. In each case […]
Charitable giving pitfallsMany individuals donate to charity simply for altruistic reasons, but this doesn’t mean the tax benefit should be ignored. With Gift Aid donations saving tax at an individual’s marginal rate, donors need to watch out for any pitfalls that might […]
Higher rate taxpayers: no longer a select clubHigher rate taxpayer numbers are rising sharply, and if that’s you, then advice is now more important than ever. Source: ONS data, OBR projections. There was once a time when paying tax at more than the basic rate made you […]
Taxing wealth – a viable option?As we look ahead to the Budget on March 3 – a full update will be published on ammu.uk shortly after the Chancellor’s statement – it is worth looking at some of the issues that may well be under consideration. […]
autumn budget: personal taxation and investmentsincome tax For 2022/23 to 2025/26, the personal allowance will remain at £12,570 and the higher rate threshold at £50,270, as previously announced. In Scotland, the higher rate threshold for non-savings, non-dividend income will be announced in the Scottish Budget […]
Self-assessment: what you need to know for last-minute filingHMRC said 2,700 taxpayers took time out on Christmas day to go online and file their self-assessment tax return for 2019/20. The latest numbers from HMRC is 8.9m taxpayers have now submitted their tax return. However, 3.2m have yet to […]
CGT reporting and payment deadline extendedFor disposals of UK residential property completed on or after 27 October 2021, the reporting and capital gains tax (CGT) payment deadline has been extended from 30 days after completion to 60 days. The previous 30-day time limit has proved […]
Could an employee ownership model help you to build a better business?Businesses such as John Lewis are famous for being pioneers of the employee ownership model. When employees own a stake in a company it can create a positive culture. Businesses tend to move to an employee-owned model at different points […]
IHT business relief for holiday letsThere are various tax advantages to a rental property being treated as a furnished holiday letting, but inheritance tax (IHT) business relief is generally not one of them. Even though the law supports HMRC’s view, property owners regularly appeal against […]
Recovery of VAT on Electric car chargingThe Government is committed to encouraging more and more people to drive electric cars and have reduced or eliminated the income tax benefits of providing electric company cars or charging points for employees. Since 6 April 2019 there has been […]
Output VAT on the supply of private road fuelHMRC have amended the VAT road fuel scale charges with effect from 1 May 2021. Businesses must use the new scales from the start of the next prescribed accounting period beginning on or after 1 May 2021. The valuation rate […]
Spring Statement 2023: NI ContributionsNATIONAL 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 […]
18 Point Tax Year End ChecklistBefore the current tax year ends, it’s worthwhile asking yourself ‘have I utilised all tax allowances and exemptions available to me, my family, and/or business?’. To help you we’ve outlined 18 opportunities that may be available for personal and for […]
Are you ready for the new IR35 rules?
Following December’s election result we wait eagerly for news on an IR35 review for the private sector. New IR35 rules for medium to large private organisations are scheduled for April 2020. However, Chancellor Sajid Javid commented, on Radio 4’s Moneybox, that an IR35 review would take place before April. The promise of a review was…Read More
Guides, Factsheets + Events
UK and Scotland Personal and Business Tax Rates
Tax rates, reliefs and allowances: UK and the Scottish income and property taxes.
Tax Matters 2022-23
With ideas affecting income and investment, for couples, company directors and employees, and self-employed people, there will be something for everyone.
How can you make tax work for you? Effectively managing your tax affairs