Upcoming Tax Changes for the 2024/2025 Tax Year
Posted on March 20, 2024Here is a summary of the main changes announced in the Spring Budget 2024, together with changes announced previously: NATIONAL INSURANCE From 6 April 2024 the employee class 1 NIC will be reduced from 10% to 8%. Note the employer class 1 NIC rema More...
New VAT late filing and payment penalties and interest
Posted on March 2, 2023For VAT periods starting on or after 1 January 2023 a new penalty and interest regime has been introduced for both the late filing of VAT returns (even if they are a repayment or a nil return) and the late payment of VAT. LATE FILING PENALTIES Late More...
Upcoming Tax Changes for the 2023/24 Tax Year
Posted on March 2, 2023INCOME TAX The rates of 20% (basic)/40% (higher)/45% (additional) will remain unchanged. The thresholds will stay as £12,570 personal allowance and £37,700 the basic rate band BUT the additional rate will decrease from £150,000 to £125,140 whi More...
What is the most tax efficient remuneration strategy for directors in the 2023/2024 tax year?
Posted on March 2, 2023Changes in 2023/24 affecting the remuneration strategy for directorsThere are very few changes for the 2023/2024 tax year which starts on 6th April other than the reduction in the dividend allowance down from £2,000 to £1,000. The personal allowance ha More...
What is the most tax efficient remuneration strategy for directors in the 2022/2023 tax year?
Posted on March 10, 2022This article has been updated following the announcements in the Spring Statement on 23rd March 2022. Changes in 2022/23 affecting the remuneration strategy for directorsThere are some changes for the 2022/2023 tax year which starts on 6th April with More...
