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 | 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 yasiradnan94 | Feb 23, 2023 | Accounting, Advice, Tax Planning
It is widely anticipated that the budget next month may result in big changes to CGT. The Office of TaxSimplification (OTS) has previously produced a report on suggested changes to capital gains tax for individuals and trusts. Amongst the changes they proposed were...
by yasiradnan94 | Dec 26, 2022 | Business, Tax Planning, VAT
The VAT registration threshold has already been frozen at £85,000 since April 2017 and it will now be fixed at that level until April 2026. The Chancellor made the point that the UK’s VAT registration threshold is more than twice as high as the average in OECD...
by yasiradnan94 | Nov 28, 2022 | Accounting, Advice, Property, Tax Planning
Capital gains made by individuals are generally taxed at lower rates to income and taxpayers benefit from a separate annual exemption that covers the first £12,300 of gains made per year. This exemption will be reduced to £6,000 for the tax year 2023-24 and then to...
