Uncategorized
Changes to director loan rules to stop tax avoidance for group companies
Changes to director loan rules to stop tax avoidance for group companies Anti-avoidance rules continue to be tightened up to ensure shareholders cannot extract funds untaxed from close companies with immediate effect. The measure, announced in the Budget, came into force immediately on 30 October 2024 and will amend section 455 loans to ‘participators anti-avoidance legislation’…
Read MoreKennedys Accounting are ‘here to help’ with your company start-up accounting
Kennedys Accounting are ‘here to help’ with your company start-up accounting So far in 2024, nearly 76,000 companies have been set up, with Kent, Essex and Westminster the most popular areas to start a business. In fact, with Surrey and Hampshire making up the top 5 areas, which between these 5 areas account for over…
Read MoreBudget 2024 – Hike in Capital Gains Tax and Business Asset Disposal Reliefs
Budget 2024 – Hike in Capital Gains Tax and Business Asset Disposal Reliefs The lower and higher rates of capital gains tax (CGT) were increased from 30 October 2024. Less than 1% of adults in the UK contribute to CGT, with £572m being collected in the last quarter. There are only two rates for CGT,…
Read MoreBudget 2024 – Tax thresholds to increase in 2028
Budget 2024 – Tax thresholds to increase in 2028 The chancellor announced in the budget that the personal tax thresholds for income tax and National Insurance will rise in line with inflation in 2028/29 for the first time since the 2020/21 tax year, which will finally release the fiscal drag which is pulling millions of…
Read MoreBudget 2024 – Inheritance tax reliefs removed!
Budget 2024 – Inheritance tax reliefs removed! Changes to inheritance tax has seen the Chancellor confirming reforms to business and agricultural property relief with a reduced 20% Inheritance tax (IHT) rate. The new rules which are due to come into effect from 6 April 2026 will significantly change the current regime with the chancellor looking…
Read MoreBudget 2024 – Charity Gift Aid rules changing
Budget 2024 – Charity Gift Aid rules changing HMRC is planning to clamp down on charitable tax reliefs claimed through Gift Aid, but not until 2026 to ‘give charities time to adjust to the new rules.’ Each year more than £1.6bn is claimed in Gift Aid by charities and HMRC believe it is open to…
Read MoreBudget 2024 – Taxing of Pension Pots in the future
Budget 2024 – Taxing of Pension Pots in the future The government announced in the 2024 budget that it plans to introduce legislation to include unused pension funds and death benefits payable from a pension into the total value of estates, which means they will be brought into inheritance tax (IHT) for the first time…
Read MoreThe importance of declaring all of your income on your Self Assessment
The importance of declaring all of your income on your Self Assessment It is usual practice when you are working with an accountant for them to send out a ‘checklist’ before they complete your personal tax return to ensure all sources of income are included. Just because they may have been working with you for…
Read MoreBudget 2024 – Stamp Duty changes
Budget 2024 – Stamp Duty changes The ‘temporary’ cut to Stamp Duty Land Tax (SDLT) will end on 31 March 2025 which will lower the property limit for first-time buyers to qualify for stamp duty reduction. The temporary discounts were introduced originally in the Mini Budget of September 2022 and under the current discounts, first-time…
Read MoreBudget 2024: Tougher Tax rules for Crypto buyers
Budget 2024: Tougher Tax rules for Crypto buyers Investors in cryptocurrency will face more scrutiny as the government has confirmed the introduction of the Crypto-Asset Reporting Framework (CARF) to share trading data. Under the CARF rules, cryptocurrency service providers will have to provide details on their users including their transactions and their held assets, and…
Read More