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...
2022/2023 Tax Year – What do I need to know?
Posted on March 10, 2022An overview of the changes to the tax rules for the coming tax year. Personal Allowance, National Insurance and Employment Allowance The personal allowance is remaining at £12,570, and the higher rate tax threshold is remaining at £50,270. Fro More...
Making Tax Digital (MTD) for small businesses
Posted on March 1, 2019From 1 April 2019 businesses in MTD for VAT were required to: Maintain their accounting records digitally in a software product eg Xero, Quickfile or a spreadsheet, andSubmit their VAT returns to HMRC using functional compatible software. HMRC are More...
£1,000 trading allowance
Posted on May 17, 2018For 2017/2018 the trading allowance is £1,000, this is an exemption for small trading activities. For example this allowance is for teachers who do a small amount of tutoring on the side If your income is under £1,000 there is no income tax to pa More...
What you need to know about the Tax-Free Childcare scheme
Posted on September 14, 2017Are you self employed and feel like you are missing out on childcare vouchers offered to others through their employment?! Well you may not be aware but you too can benefit from tax-free childcare under a government scheme that started on 21 April 2017. More...
