Important tax year dates and deadlines are coming in May.
The Academies Accounts Direction 2023 to 2024 has now been published for academy trusts preparing their annual report and financial statements for accounting periods ending on 31 August 2024.
The use of enterprise management incentives scheme (EMIs) can help small growing companies to attract and retain employees. The enterprise management incentives scheme allows employees to buy shares free of income tax and NICs based on the difference between the amount paid for shares when an option is used and the actual value (provided the shares are purchased for at least the market value they had when the option was granted).
The rules for individuals providing services via an intermediary such as a personal service company (PSC) are complex. The rules apply if the worker who provides services to a client through their own intermediary would have been an employee if they were providing their services directly to that client.
You can usually claim tax relief on private pension contributions worth up to 100% of your annual earnings, subject to the overriding limits. Tax relief is paid on pension contributions at the highest rate of income tax paid.
The Annual Investment Allowance (AIA) is a generous tax relief that allows for the total amount of qualifying expenditure on plant and machinery business assets to be deducted from your profits before tax.
Important tax year dates and deadlines are coming in April.
Companies House has announced that some of their fees will be changing from 1 May 2024. The last change in fees was April 2016.
A higher rate of Capital Gains Tax (CGT) applies to gains on the disposal of residential property if the gain falls into the higher rate band. In the Spring Budget, the Chancellor announced a reduction in the higher rate of capital gains tax that exists for residential property from the current rate of 28% to 24% from 6 April 2024. These rates apply to higher rate taxpayers as well as to trustees and personal representatives. The lower rate that applies to basic rate taxpayers will remain unchanged at 18
Our last National insurance blog listed the expected national insurance contribution rates for 2024; however, from what has recently been changed in the Chancellor’s Spring Budget for 2024 As had been widely expected, the Chancellor announced further changes to National Insurance contributions (NIC) rates for employees and the self-employed.
Self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. HMRC must be officially notified by 5 October following the end of the tax year so that a self-assessment return can be issued on time and to avoid any unnecessary penalties.
Following widespread speculation of tax cuts, with Child Benefit and National Insurance being key topics, the Chancellor of the Exchequer (Jeremy Hunt) delivered his Spring Budget today, focusing on tax cuts for workers and parents.