Applied Accountancy News – We will feed this page with hot topics in the news relating to business, tax and updates. Stay up to date with Applied Accountancy News.
- Budget at a glance
Today we had the first Labour budget since 2010. What are the key takeaways? Income and personal taxes. In keeping with pre-election promises, there will be no changes to the current bands or rates for income tax, primary Class 1 NI,… Read more - Last Day of the Tax 2023/24 Year
Today, the 5th April 2024 is the last day of the tax year. This mean that today is the last opportunity to benefit for any allowances that you might have for the 2023 / 2024 tax year. Ensure you have:… Read more - The 2024 Budget – the key points as it happened
Jeremy Hunt delivered a conservative budget today, filled with optomism and a few positives, see how it may effect you For a more detailed analysis visit our webpage here - HMRC scraps plan to close loophole that saves drivers thousands in car tax
The government has done a U-turn on a plan to classify double-cab pick-ups as cars for tax purposes. HM Revenue & Customs announced on February 12 2024 that it would close the ‘loophole’ that allowed double-cab pick-ups that can carry payloads… Read more - HMRC warns about an tax refund scams and fake tax rebatesHM Revenue and Customs (HMRC) are warning that fraudsters could focus on Self Assessment taxpayers. HMRC say that they have responded to 207,800 referrals in the year to January, with more than 79,000 relating to fake tax rebates. The total… Read more
- Income tax rates and thresholds for 2024/25 confirmed
The tax and NI rates and thresholds, as well as the national living and minimum wage levels, applicable to earnings taxed under PAYE have been confirmed for the 2024/25 tax year. One of the more lamented features of the current… Read more - USE A LIFETIME ISA (LISA) TO SAVE FOR YOUR FIRST HOME
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… Read more - Income Tax and selling online
In recent weeks there has been a flurry of online activity discussing the new law that will require online marketplaces to report information about income made by their users to HMRC. The discussion has led to many people asking questions… Read more - Spring Budget 2024: Key PredictionsWHAT TAX ANNOUNCEMENTS WILL BE MADE IN THE SPRING BUDGET? Clients will no doubt be hopeful of major tax cuts from the Conservative government alongside schemes to improve economic growth. Little is certain, but we do have some strong indications… Read more
- NEW YEAR RESOLUTIONS TO SAVE TAX
At this time of year, we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be… Read more - YEAR END TAX PLANNING IDEAS FOR YOUR LTD BUSINESS
As you approach your year end consider the following to bring your corporation tax down Contact us to arrange a meeting to discuss your current structure to see if we can help you reduce your overall tax burden - Tax E-News – Budget SpecialOn 15 March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and set out a plan to reduce inflation, grow the economy and get government debt falling all whilst avoiding a recession and tackling labour shortages. Below we… Read more
- Married Couples AllowanceHMRC is urging married couples/civil partners to check whether they are entitled to claim the marriage allowance. What is it, are you eligible and how do you claim it? HMRC has a special message to couples – “give the gift of the… Read more
- Autumn Budget
- Mini Budget September 2022
Chancellor reveals his plan for growth The week leading up to Chancellor Kwasi Kwarteng’s ‘Mini Budget’ may have been a short one due to the Queen’s funeral but the new government managed to fill it with a stream of policy… Read more - Company Car Drivers – Time to go ElectricWhat is the current position? As most company car drivers will already be aware, if a company car is used in a private capacity, it will likely lead to a large benefit in kind, and therefore, a significant Income Tax… Read more
- Autumn Budget 2021Chancellor Rishi Sunak has delivered his Autumn Budget and Spending Review in the aftermath of previously announced significant tax increases. Here, we summarise some of the key announcements. Corporation tax rate increase to 25% confirmed The Chancellor confirmed that the… Read more
- Key Dates for June 2021A lot is changing this month, make sure you are aware to avoid any future problems
- Claim tax back for working from home
People working from home for even a single day this year will be able to claim tax relief against increased costs as the fallout from the Covid-19 pandemic rolls on. HM Revenue & Customs have confirmed that the work from… Read more - The National Minimum and Living Wage has increased from 1 April 2021
The new National Minimum Wage and National Living Wage rates came into effect on 1 April 2021. The new rate for the National Minimum Wage is £8.91 which is up 19p over last year. The National Living Wage is the… Read more - Budget 2021: What you need to know1. Covid-19 An extra £1.65 billion cash injection to ensure the Covid-19 vaccination roll-out in England continues to be a success. £28 million to increase the UK’s capacity for vaccine testing, support for clinical trials and improve the UK’s ability… Read more
- New deadline for online Self Assessment tax filing
Anyone who cannot file their return by the 31 January deadline will not receive a late filing penalty if they file online by 28 February. Taxpayers are still obliged to pay their bill by 31 January. Interest will be charged… Read more - Be aware of Covid related fraudDuring the pandemic there will always be some that try and take advantage of others to benefit from the situation. One particular area that has come to light is fraud around the Covid vaccine. You will never be asked for… Read more
- New grants will be available for businesses required to close in second lockdownAt the start of the second English lockdown (Thursday 5 November 2020), local businesses who have been ordered to close for four weeks may be eligible for a government grant of up to £3,000. The Local Restrictions Support Grant, which… Read more
- The Job Support SchemeJob Support Scheme Open Factsheet 1. Whatareweannouncingtoday?• Recognising the evolving situation with the pandemic and health restrictions, and the pressures employers are facing this winter, the Government has announced that it will increase the scale of support available to employers… Read more
- Job Support Scheme – help announced for business until April 2021
Job Support Scheme Factsheet What is it?• The Job Support Scheme is designed to protect viable jobs in businesses who are facing lower demand over the winter months due to Covid-19, to help keep their employees attached to the workforce…. Read more - HMRC begins compliance activity around furlough mistakesWith the government’s Coronavirus Job Retention Scheme (CJRS) drawing to a close and due to finish on 31 October 2020, the tax authority is wasting no time and has formally started its compliance activity. This follows last month’s royal assent… Read more
- Second stage of the self employed support scheme open for applications
The government has called applications for the second stage of SEISS, having handed out £7.8 billion of grants to 2.7 million self-employed people over the first stage of the scheme. Those eligible will now be able to receive a second and… Read more - Job Retention Scheme from September 2020From 1 September CJRS will pay 70% of usual wages up to a cap of £2,187.50 per month for the hours furloughed employees do not work. You will still need to pay your furloughed employees at least 80% of their usual wages for… Read more
- Job Retention Bonus and what you need to do to qualifyThis is a one-off payment of £1,000 to employers that have used the Coronavirus Job Retention Scheme (CJRS) for each furloughed employee who remains continuously employed until 31 January 2021. The bonus will provide additional support to retain employees. To… Read more
