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The current State Pension is £11,502 per year and is expected to rise to around £12,000 for the 2025/26 tax year. To put this into perspective, at today’s annuity rates, it would cost over £300,000 to purchase an index-linked annuity starting at £12,000 a year
Under the current pension rules, many people over the age of 55 can withdraw up to 25% of their pension savings tax-free.
With the October Budget fast approaching, there are strong rumours that pension tax relief could be a key focus for potential changes. These adjustments could raise more tax revenue than both Capital Gains Tax (CGT) and Inheritance Tax (IHT) reforms combined.
With potential changes to Capital Gains Tax (CGT) on the horizon, many taxpayers are considering bringing forward their asset disposals to take advantage of the current rates.
With the right plan, your small business can lead the charge toward a more sustainable future. So, how can your SME develop an effective decarbonisation plan?
With the October budget approaching, many are speculating about potential changes to Capital Gains Tax (CGT), which could have a significant impact on business owners, entrepreneurs, and investors alike
At A&C Chartered Accountants, we’re more than just numbers. We believe in driving business growth responsibly, which is why we’re thrilled to announce our accreditation by the Good Business Charter. We are incredibly proud to be
A&C Chartered Accountants is proud to support Manchester SMEs on their sustainability journey, and one of the key initiatives driving change in the region is Bee Net Zero.
With childcare costs on the rise, many employers are now offering workplace nurseries or creche facilities as an attractive, tax-free benefit to help attract and retain staff. For larger employers, an on-site nursery may be feasible, but for smaller businesses, partnering with a local nursery provider is often the more practical solution.
Many individuals, including high-profile figures like TV presenter Anne Robinson, are considering passing on substantial amounts of their wealth ahead of anticipated changes to inheritance tax (IHT) in Labour’s upcoming Budget on 30 October. Robinson, for example, has reportedly transferred £50 million to her children and grandchildren. So, should you be thinking about doing the same?
As an entrepreneur, you’re juggling countless tasks, from developing your product to securing your first customers. Amidst all the hustle, managing your finances effectively is crucial.
Financial forecasting isn’t just for large corporations with dedicated finance teams. For start-ups and SMEs, it’s a game-changer. Accurate forecasting allows you to
For UK taxpayers earning between £100,000 and £125,140, the 60% tax trap can significantly impact disposable income and financial planning. This effective tax rate arises due to the tapering of the personal allowance.
Learn about the upcoming changes to VAT on private school fees starting 1 January 2025. Understand the new VAT rules for private schools, including transitional arrangements and how these UK budget 2024 VAT changes could affect you.
Learn about the proposed repeal of the special tax treatment for furnished holiday lettings, effective 6 April 2025. Discover key changes including finance cost restrictions, capital allowances, and reliefs. Find out how these new rules will impact your FHL properties and what steps to take.
On 17 July, the State Opening of Parliament took place, with the King’s Speech laying out the government’s legislative agenda for the upcoming parliamentary session. While there was a mention of the proposal to remove the
When a holding company sells shares in a subsidiary, the VAT incurred on the professional fees involved would normally be irrecoverable, on the basis that a sale of shares is an exempt supply.
The conditions for a company car to be treated as a pool car are set out in the employment income legislation:
HMRC have announced that the official rate of interest will remain at 2.25% for 2024/25, despite the Bank of England Base Rate currently standing at 5.25%. The official rate of interest
Where a company car is provided for use by an employee or director there is a benefit in kind taxable on the employee based on the original list price of the vehicle multiplied by the CO2 emissions percentage for that vehicle.
The deadline for reporting shares and securities and share options issued to employees for 2023/24 is 6 July 2024. This is the same as the deadline for reporting expenses and benefits provided to employees on form P11d for 2023/24.
P11d forms for reporting expenses and benefits in kind provided to employees and directors in 2023/24 need to be submitted by 6 July 2024. Note that paper forms are no longer acceptable; the return must be made online using PAYE Online for employers or commercial software.
If you are considering lending money to, or subscribing for shares in, an unquoted trading company then, like many investments, there is always a risk that you may lose your money.
Where the company qualifies under the Enterprise Investment Scheme (EIS) or Seed EIS, the subscribers potentially qualify for even more generous tax reliefs. Where the investor is not connected with the company,