Blogs

The UK government is rolling out a significant change in the way self-assessment tax returns are filed, known as Making Tax Digital (MTD). This initiative aims to modernise the tax system, making it easier for individuals and businesses to keep on top of their tax affairs.

As we step into the new financial year, I thought it would be beneficial to discuss the Corporation Tax rates in the UK due to the recent changes. 

This information will help you plan and manage your finances more effectively. Additionally, if you have multiple companies, it's important to know how group relief can be utilised to optimise your tax liability.

If you're a VAT-registered business in the UK (accrual or cash basis VAT registration), you might be wondering when you can charge 0% VAT on your goods and services.

Let's break it down so you can get a handle on when you can apply this zero-rated VAT and how it works.

As we approach the end of the tax year, I wanted to remind you to review your pension contributions to ensure you're making the most of your yearly allowance for tax purposes. Topping up your pension funds before the deadline can help benefit from the tax and also help with your future.

The annual allowance is the maximum amount you can contribute to your pension pots in a tax year (from 6 April to 5 April) before you must pay tax. For the tax year 2024 to 2025, the standard annual allowance is £60,000. This includes contributions made by you, your employer, and any third parties.

As we step into the new year, it's time to remind you that the self-assessment tax deadline is fast approaching. By the end of January 2025, you need to have paid your self-assessment tax for the tax year 2023-2024. If you haven't yet sent us your information, don't worry. We've been keeping records and have reached out to those of you who we believe need to provide additional details. However, if you haven't heard from us and would like us to file your self-assessment, please get in touch as soon as possible.