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April 2024

Tax Diary May 2024

Important tax year dates and deadlines are coming in May.

Academies accounts direction for 2023 to 2024 | What are the key changes

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.

How does the EMI scheme work? | Enterprise Management Incentives scheme

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).  

What are the off-payroll working rules? | What does off-payroll working rules IR35 apply mean?

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.  

How do I claim tax relief on my private pension contributions? | Claim tax relief on private pension contributions

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.

What is the annual investment allowance? | Tax relief on business assets in 2024

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.