There is a series of impending changes to UK company law as a result of the enactment of the Economic Crime and Corporate Transparency Act last year. These highly anticipated changes, expected to commence on 4 March 2024, subject to parliamentary schedules, will significantly impact the operation and compliance requirements of your company. Directors must […]
As we progress through 2024, the financial landscape continues to evolve, marked by recent fluctuations in the UK’s inflation rate. In December, inflation rose to four per cent, up from 3.9 per cent in November. This increase is attributed to various factors, including global conflicts and the resulting economic uncertainties. The UK’s inflation, driven in […]
The recent cut in National Insurance (NI) contributions presents millions of UK workers with a golden opportunity to boost their retirement savings. The drop from 12 per cent to 10 per cent in the main rate of NI contributions means that employees across the UK are seeing a noticeable increase in their pay packets. With […]
Cash flow as a concept is more commonly used in the world of business, but having a steady flow of income and outgoings in your personal life is just as essential. Understanding and managing your cash flow is important for financial stability and recent events have meant that many of us have had to reassess […]
“Don’t miss out” is the message coming out of Surrey-based accountancy firm, TWP, as 5 April quickly approaches – marking the end of the 2023/24 tax year. With the majority of tax reliefs for individuals operating on this same basis, the firm’s tax team has called for a shift in the long-established patterns of underusing […]
It’s not too late to undertake some end of year tax planning. If you have some spare cash, an obvious tax planning point would be to maximise your ISA allowances for the 2023/24 tax year (currently £20,000 each). You might also want to consider increasing your pension savings before 5 April 2024.
Those aged between 18 and 40 can set up a Lifetime ISA (Individual Savings Account) to buy their first home or save for later life. You can put in up to £4,000 each year until you’re 50. The government will add a 25% bonus to your savings, up to a maximum of £1,000 per year. […]
Under the current rules, the government adds to your pension contributions at the 20% basic rate. For instance, if you save £4,000 in a personal pension, the government tops this up to £5,000. If you are a higher rate taxpayer there is a further £1,000 tax relief when your tax liability is calculated, reducing the […]
You might wish to consider bringing forward capital gains to before 6 April 2024 where you haven’t used your £6,000 CGT annual exemption. This exempt amount reduces to just £3,000 for gains made in 2024/25.
Unless the business year end is 31 March or 5 April, the end of the tax year is not a significant date as far as capital allowances are concerned. In order for new equipment to attract capital allowances, the expenditure must be incurred on or before the end of the accounting period. Limited companies buying […]
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