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 | 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 | 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 yasiradnan94 | Mar 18, 2023 | Accounting, Advice, Tax planning
Do you know whether your national insurance contributions (NIC) record is complete and correct? You can check the NIC record over your entire working life on your online personal tax account (www.gov.uk/personal-tax-account). This will also provide an estimate of the...
