Pensions to lose IHT exemption At the Autumn Budget the Chancellor announced plans to remove the exemption which allows unused pension funds to be inherited tax free. Currently, if a pension holder dies before the age of 75 their beneficiaries can generally inherit the remaining funds tax-free, whether as a lump sum or as income. […]
The Autumn Budget 2024 was the first delivered by a Labour Chancellor since 2010, and the first ever delivered by a woman. Some things did not change: the objective of all Chancellors is to build a better Britain, to encourage growth, to support the NHS. The objectives Rachel Reeves laid out would not have seemed out of place in any of her predecessors’ speeches.
RTI reporting changes delayed HMRC has delayed planned changes to real-time information (RTI) reporting requirements for employee hours worked. Draft legislation was published in May aimed at improving the range of data collected by HMRC. The proposed changes will require businesses to provide more detailed information to HMRC via self assessment (SA) and PAYE real-time […]
It is essential to renew claims as money is not paid automatically. For parents of 16 to 19 year olds in approved education or training who have not yet extended their claim, child benefit payments will stop from 1 September. The benefit is paid for children who are studying full time in schools and colleges, […]
The road that I live in, over the last few years, people have been splitting up their land to build additional houses. This will normally mean they have been approached by a builder to sell part of their land to build these houses. The seller of the land would expect to be covered by the […]
Cash basis by default From 6 April 2024 the cash basis has replaced accruals as the default method for preparing sole trader and partnership accounts for tax purposes. Previously, only unincorporated businesses with total receipts below £150,000 were entitled to opt out of accruals and file their accounts with HMRC using the cash basis. That […]
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 […]
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 […]
