ACE Accounts Consultancy is now offering our company clients ‘Tax Enquiry Fee Protection‘, backed by our firm’s insurance policy through Vantage Fee Protect, for just £12.42 per month (£6.25 for sole traders); to cover the professional costs incurred in the course of dealing with an enquiry, should HMRC select you or your business for investigation. … Read More
One of the major tax implications for high earners is that you begin to lose your Personal Allowance if your ‘adjusted* net income’ is over £100,000— and the dreaded (but unofficial) 60% tax rate ‘kicks in’! Once your ‘Adjusted net income’ exceeds £100,000, you gradually start to lose your tax-free … Read More
Principal and Director, Adam Smith FCA, would like to thank ICAEW (Institute of Chartered Accountants in England and Wales) for his recently received Certificate of Fellowship. Adam said he is “incredibly proud to celebrate this momentous professional milestone which marks over 10 years of membership with ICAEW as a fully … Read More
To use the ‘dividend tax’ calculator, simply click on the link below and enter in the amount of dividends you received in 2023-24 or expect to receive during the 2024-25 tax year (each tax year beginning on 6th April and ending on 5th April the following year). You’ll also need … Read More
Exclusive: Chancellor disappointed some Conservatives with only limited rise in threshold, but said he was restricted by Northern Ireland protocol Eleni Courea Political correspondent Jeremy Hunt has privately admitted to colleagues that he cannot further raise the VAT threshold for UK businesses because of EU rules. The chancellor announced … Read More
ICAEW’s Tax Faculty has responded to HMRC’s consultation on its draft guidance for aspects of the new research and development (R&D) tax relief rules. The new rules apply to the ‘merged scheme’, which comes into force for accounting periods beginning or after 1 April 2024. The guidance covers: the restriction applying for contractor payments … Read More
Tax cuts National Insurance cut by 2p Child benefit threshold raised from £50,000 to £60,000 Capital gains tax on property cut Tax relief for savers in new ‘British Isa’ Fuel duty frozen Alcohol duty frozen More ‘expensing’ relief for businesses Tax rises Tax perks for holiday lets scrapped Stamp duty raid on multiple purchases Non-doms stung in … Read More
Key points Regulation of the tax profession has started to become a reality. Abolition of non-dom tax status and furnished holiday lettings regime will create complexity. Increases to the income levels for the high income child benefit charge (HICBC) are welcome but basing it on family income may be problematic. … Read More
The main rate of primary class 1 National Insurance contributions is to be reduced by two percentage points from 10% to 8% from 6 April 2024 the chancellor announced in his 2024 Budget. For the self-employed the main rate of Class 4 National Insurance contributions will also be cut by … Read More