The start of the 2024-25 tax year is almost here. It is important to understand any changes to UK tax rates and allowances because this allows you to make the most of the opportunities available to you. This applies to your business, and for you personally.
Important Changes for UK Tax Rates and Allowances include:
- National Insurance for Employees: NIC reducing from 10% to 8%
- National Insurance for Self Employed: reducing from 8% to 6% from 6 April ’24
- VAT Threshold upped from £85k to £90k turnover
- Stamp Duty Land Tax – multiple dwellings relief to be abolished from 1 June 2024
- Capital Gains Tax: Annual Exempt Amount for CGT reducing to £3k from 6 April ’24
Our tax card is a double sided three way folded card intended for use as a quick point of reference. If you would like a card posted out to you, click here.
Should you need any more information, we are only a phone call away – 01992 444466
The information contained above is for general guidance purposes only. Whilst every effort has been made to ensure the contents are accurate, please note that each individual has different circumstances and it is essential that you seek appropriate professional advice before you act on any of the information contained herein. HB Accountants can accept no liability for any errors or omission or for any person acting on or refraining from acting on the information provided in the above
Read our latest blogs below
- Get ahead for the new year – 8 accountancy tasks to tackle now
While it is incredibly tempting to wind down in the days leading up to Christmas and take it easy between Christmas and the New Year celebrations, it really is the perfect time to ensure that your accounts are in tip top shape. - Take the Stress Out of Your Self-Assessment Tax Return
As the self-assessment tax return deadline looms, freelancers, sole traders, and ‘solopreneurs’ across the UK are bracing themselves for what can feel like one of the most daunting tasks of the year. If you’re already feeling the pressure, you’re certainly not alone. - HMRC Advisory Fuel Rates (AFRs) from 1st December 2024
Advisory fuel rates (AFRs) are recommended reimbursement figures for drivers reclaiming business mileage, usually for those in company vehicles. The advisory fuel rate is updated by HMRC based on fuel prices every quarter, and publish revised figures if required in late February, May, August and November each year - Accounting for Christmas
As we leap towards the start of the festive season, with Christmas only a few weeks away (sorry!), we are sure that marketing and people teams are full speed ahead with planning Christmas parties and finding ways to to thank everyone for their hard work and loyalty over the past year. This means it is … Continue reading - Solving a Finance Director’s Worst Nightmares: Strategies to mitigate or prevent them from occurring
Finance professionals are not only responsible for financial transactions and reporting, they are directly involved in the operation of their organisations; providing strategic direction and high-level decision making. However, with this expanded responsibility and new technology, there comes new challenges.
