VAT records – What do you need to keep?
If you are registered for VAT, you will need to keep normal business records. The records must be complete, up to date and sufficient to …
New VAT thresholds – When must you register and when can you deregister?
The VAT registration threshold rose from £85,000 to £90,000 from 1 April 2024. The deregistration threshold increased from £83,000 to £88,000 from the same date. …
Small earnings from self-employment – Tax and National Insurance implications
Many people earn small amounts of money from self-employment, often as a side hustle. For example, this may be from craft or baking activities, tuition …
Extracting profits in 2024/25
If you run your business as a personal or family company, you will need to extract your profits in order to use them personally outside …
Training costs and the self-employed
A sole trader or proprietor of an unincorporated business may incur training costs. The tax treatment of those costs depends on whether the costs are …
Reform of the High-Income Child Benefit Charge
The High-Income Child Benefit Charge (HICBC) is a tax charge that operates to claw back child benefit where the claimant and/or their partner have adjusted …
Make the most of your ISA allowance
Rising interest rates mean that individuals may now be paying tax on their savings income which previously they received it tax free. Where this is …
Income tax rates and allowances for 2024/25
The 2024/25 tax year starts on 6 April 2024. Although many of the rates and thresholds are the same as for 2023/24, there are some …
NIC cuts and what they mean for you
As widely predicted, in his 2024 Spring Budget, the Chancellor announced a 2% cut in the main rates of Class 1 and Class 4 National …
Understanding your tax code
Tax codes are fundamental to the operation of PAYE. If your tax code is correct, you should pay the right amount of tax on your …
Making use of your inheritance tax allowances
It is often said that inheritance tax (IHT) is a voluntary tax, and one that can be avoided if you give away sufficient assets at …
Dispose of assets before 6 April 2024 to take advantage of the higher annual exempt amount
Individuals making capital disposals do not pay capital gains tax if their net gains for the tax year (chargeable gains less allowable losses for the …
