by AJN Accountants | Dec 4, 2023 | Accounting, Advice, Financial Planning, News, Small Businesses, Tax Planning
Cash basis to replace accruals for the self-employed as standard tax reporting method for 2024-25 (first year of tax year accounting). From April 2024, as part of a move to simplify calculation of taxable profits for Making Tax Digital, all self-employed taxpayers and...
by AJN Accountants | Jul 25, 2023 | Accounting, Advice, FAQs, Financial Planning, Pensions, Property, Tax Planning
Student loan repayments (SLR) are normally deducted under PAYE from employment income so many people incorrectly assume that SLR are not due on other ‘unearned income’ such as rent or pensions. SLR will in fact be payable where the unearned...
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...
by AJN Accountants | Apr 24, 2023 | Accounting, Advice, Financial Planning, News, Tax Planning
The Chancellor announced the extension of free childcare places to children under three years old in England to match the 15 or 30 hours of free childcare currently provided to three and four year olds in term time. The extra funding will only apply in England and...
by AJN Accountants | Apr 20, 2023 | Accounting, Financial Planning, News, Tax Planning
Ambitious entrepreneurs who want to attract investors can use two different schemes to provide the investor with income tax relief on the value subscribed for shares and capital gains tax relief on the disposal of those shares. These schemes are: the enterprise...
