by AJN Accountants | Dec 11, 2023 | Accounting, News, Tax Planning
A dramatic simplification of the MTD processes to be introduced in 2026 including no EOPS; cumulative submissions each quarter; and restrictions for complex situations. Taxpayers with turnover over £50,000 will be brought into MTD ISTSA from April 2026. The £50,000...
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 | Dec 1, 2023 | Advice, News, Tax Planning
HMRC has updated its Employment Income Manual to bring the guidance on charging electric company cars at home in line with the legislation. Until now, the guidance in the Employment Income Manual (EIM23900) has contradicted the legislation in advising that if an...
by AJN Accountants | Nov 29, 2023 | Advice, Business, Tax Planning
The Chancellor has announced cuts to national insurance contributions for self-employed taxpayers and employees.The headline news from the Autumn Statement was the reduction of primary Class 1 and Class 4 NIC and the removal of compulsory Class 2 NIC. The main rate of...
by AJN Accountants | Oct 25, 2023 | Advice, Business, Tax Planning
A family investment company (FIC) is a company set up specifically for investment purposes rather than trade. The corporate entity is set up as a normal company and is limited by shares. Property, cash and equity often make up the investments held within an FIC. A...
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...
