by AJN Accountants | Jun 26, 2023 | Advice, Business, News, Tax Planning
Petrol and diesel pump prices are high but the tax-free mileage rates payable to employees who use their own vehicles for business have not been adjusted for over a decade. VehicleFirst 10,000 miles per yearAbove 10,000 miles per yearCars and...
by AJN Accountants | Jun 8, 2023 | Pensions
The amount of your state pension is largely determined by how many years of NIC you have completed during your working life. You can check your NIC record in your online personal tax account (www.gov.uk/personal-tax-account). You normally need 35 full years of NIC to...
by AJN Accountants | May 26, 2023 | Advice, FAQs, Financial Planning
The changes to the pension rules announced in the Spring Budget were designed to dissuade higher earners from retiring early to avoid pension charges on high contributions but the new rules could have the opposite effect. Individuals can now contribute up to £60,000...
by AJN Accountants | May 12, 2023 | Accounting, Advice, Financial Planning, Tax Planning
It is easy to forget the hidden tax rises which are created by frozen and cut allowances, so here is a quick reminder. The tax-free personal allowance will be frozen at £12,570 for six years from 2021-22 to 2027-28 and the related marriage allowance is fixed at £1,260...
by AJN Accountants | Apr 26, 2023 | Accounting, Business, Tax Planning
The Budget confirmed that the main rate of corporation tax will rise from 19% to 25% on 1 April 2023 but the small profits tax rate will stay at 19% where the company’s profits do not exceed £50,000. The Chancellor failed to highlight that the effective marginal...
