In September 2023 Rift Accounting Ltd will be changing its name to Kennedys Accounting Ltd Rift Accounting Ltd which was originally part of an award-winning group of companies, changed ownership in 2020 following a management buyout by the existing directors. Dermot Kennedy, Managing Director commented – “This is an exciting change for the company which…

Self Assessment threshold rises to £150K from 2023/24 Tax Year HMRC has confirmed that with effect from the tax year 2023 to 2024, the self-assessment threshold for taxpayers taxed through PAYE only, will change from £100,000 to £150,000. Any taxpayers that are affected do not need to do anything now as the self-assessment threshold for…

Part Qualified Accountant Location: Ashford Salary: Competitive / Market Leading Salary Job Type: Full-Time, Permanent We are Rift Accounting Ltd and we are proud of our customer centric approach to accountancy and growth. We are looking for further like minded individuals with a passion for accountancy, business and excellent customer service to join our team…

HMRC – Option to Tax HMRC is pushing responsibility for options to tax onto the taxpayer, making it even more difficult to obtain confirmation. HMRC have ended a consultation regarding the option to tax on land and buildings processes, having recognised that their ability to process options to tax has dropped over recent years.  Most recently…

The electric car is it right for your business and you? In less than 7 years if you want a new car then as things stand the only choice will be a plug in hybrid or electric one (or if available hydrogen). This being the case is it a good time to go electric? Well…

Personal Tax Changes from April 2023 Base rate and higher rate thresholds remain frozen until at least 2028 at £12,570 and £50,271 respectively. This will likely pull more taxpayers into higher rate tax, with over a million expected to face 40% tax charges for the first time as a result of the freeze. The additional…

Tax Changes from 01 April 2023 The rate of corporation tax has increased from 19% to 25% for the largest businesses from 1 April and ‘full expensing’ is available for three years. Businesses with profits below £50,000 will not be affected as the government has introduced a small profits rate for those companies. Then tapered…

What is the optimum director’s salary for 2023/24? The optimum director’s salary for 2023/24 is £12,570 per annum. The reason for this is all down to the National Insurance (NI) rates. The lower earnings limit for NI in 2023/24 is £6,396 per annum. If you earn over this amount it will count as a qualifying…

January income tax hits record high of 21.9bn The Treasury is reaping the rewards of freezing tax thresholds as revenue from income tax rose by a third to a record £21.9bn last month This reduced public sector net borrowing with a higher than expected surplus of £5.4bn in January, against a predicted surplus of £500,000.…

VAT penalties change to ‘point based’ from 07 March 2023 HMRC is in the process of contacting 2.5 million businesses reminding them about new points-based penalties for late VAT returns. The first monthly returns and payments affected by the penalties are due by 7 March 2023. HMRC confirmed that ‘VAT customers will be subject to…