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...
by yasiradnan94 | Apr 7, 2023 | Accounting, Advice, FAQs, News, Tax Planning
The Chancellor announced the relaxation of three different pension allowances to encourage older taxpayers to remain an active part of the workforce or to return to employment if they have retired early. The pensions annual allowance provides a cap on the...
by yasiradnan94 | Mar 22, 2023 | Accounting, News, Tax Planning
The ‘super deduction’ capital allowances, which provide companies with a deduction of 130% of the cost of new plant and machinery, will end for expenditure incurred after 31 March 2023 as scheduled. The Chancellor has proposed a new system of full...
