Aaron Associates updates

Budget 2024 Summary – Highlights

Budget 2024 Summary – Highlights

Company Car Tax Rates

  • For 2028/29 and 2029/30:
    • Zero-emission vehicles: 7% (2028/29), 9% (2029/30)
    • Low CO2 hybrid vehicles (1-50g CO2/km): 18% (2028/29), 19% (2029/30)
    • Other vehicles: increases up to 38% (2028/29) and 39% (2029/30)

Business Rates Relief

Support for businesses and employers

With the recent government announcements regarding COVID-19, we understand that you require the latest information in order to make sound business decisions. Our website includes information on the package of temporary, targeted measures to support businesses through this period of disruption caused by COVID-19. The package includes:

CrowdStrike and Windows-related outages

We are aware of the ongoing situation involving CrowdStrike and Windows-related outages. Please be assured that our business and services to you are currently unaffected by these outages, but we are monitoring the situation closely for any developments. Rest assured. we will update you if any issues arise.

Please do not hesitate to contact us, if required.

Telephone number 020 8665 0767

AUTUMN STATEMENT – November 2023

We have summarise the key tax announcements.

PERSONAL TAXES

Tax cuts for partners and the self-employed

From 6 April 2024:

  • class 2 National Insurance Contributions (NIC) will be abolished
  • class 4 NIC will be reduced from 9% to 8%.

This will reduce the tax burden on partners and the self-employed.

New VAT Penalty System

HMRC is introducing a new 'fairer' cross tax penalty system which will affect all VAT periods commencing on or after 1 January 2023...

HMRC's New VAT Penalty Regime

The new system introduces 2 separate penalties for

•             late submission of VAT returns; and/or

•             late payments of VAT

Late submission of VAT returns

TAX-FREE CHILDCARE

Update you from Aaron Associates.
 
TAX-FREE CHILDCARE

Tax-Free Childcare is a scheme which allows parents to pay into an online account. To qualify for Tax Free Childcare all parents in the household must generally meet a minimum income level, based on working 16 hours a week (an average £120 a week) and each earn less than £100,000 a year.

Subject to any restrictions (see below), the money paid in is then topped up by 25% by the government - so an £8 payment is topped up by £2. These funds can then be used to pay for:

Timescale for introducing Making Tax Digital for Business

Summary of change

The government has decided to provide 3.1 million small businesses with more time to prepare for Making Tax Digital.  Businesses (including the self-employed and landlords) that have annual turnover below the VAT registration threshold  will have an extra year before they are required to keep records digitally and send HMRC quarterly updates, although they will be able to start doing so voluntarily from April 2017.

TAX PLANNING AND PENSION

Pension contributions could be restricted – Autumn State

The Autumn Statement has traditionally been used to introduce new measures effectively limiting the tax relief on pension contributions. The chancellor will deliver this year’s statement on Wednesday 23 November.

Budget 2016-2017

RE: Budget Summary Tax Card 2016/17

Please find attached, Budget summary 2016-17. We have also listed below some of the headline changes you may find useful.

Personal Tax

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