Tax Briefing Spring 2024 Student loans and basis period reform New guidance from HMRC confirms that profits used to assess student loan repayments and entitlement to student finance will include transitional profits from basis period reform. Student loan repayments for self-employed taxpayers are based on the profits reported in each tax year. For the tax […]
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Following this weeks budget, we have prepared this short video to take you through the information for both individuals and businesses. If you have any questions regarding the budget, or any accountancy matters, please give us a call today on 01245 326280
Most people are claiming child benefit but you may fall into one of the below areas where you have not done so: Spouse/partner earns over £50,000 and that person does not want to claim child benefit because of the claw back form the High Income Child Benefit charge Both parents work but have not claimed […]
You can claim some of the costs of running your business from home. These costs include: • Heating• Electricity• Mortgage interest or rent• Rates Add up these costs for the year and assuming the rooms are of equal size then divide the total by the number of rooms. If the rooms are not of equal […]
AUTUMN STATEMENT – 22 NOVEMBER 2023 Mind your headroom In the weeks leading up to the Autumn Statement, the press was full of speculation about tax cuts. This was a surprise, just over a year after the tax cuts announced by Kwasi Kwarteng were judged imprudent by the international markets, contributing to a fall in […]
If the employee is given an electric company car, then there is no benefit in kind for charging the vehicle at work. However, if you charge the electric car at home and the employer agrees to reimburses you, the cost of electric, then do not accept an estimated round sum payment as this will be […]
Tax Briefing Autumn 2023 Pensions update – changes to income tax for beneficiaries In Spring Budget 2023 the Chancellor announced a welcome change to the tax treatment of pensions – the scrapping of the Lifetime Allowance (LTA). The LTA stood at £1,073,100 when the process began on 5 April 2023 with the removal of the […]
Aren’t all accountants qualified? This may sound like a very odd question but we come across a number of new clients who, when asked, always say their previous accountant is qualified without giving it a second thought. On investigation this is not always the case as the word ‘accountant’ is not a legal term. You […]
Tax Briefing Summer 2023 Settle the tax with a PSA Occasionally you may reward your employees with something special such as a holiday or a hamper. If the value exceeds the tax-free amount permitted under the rules for say long service awards, trivial benefits or staff suggestions it will be taxable. To avoid your employees […]