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Welcome to the accountancy blog from ZincBooks
We love to share the latest news, views and advice with our clients and the weekly blog gives us the ideal opportunity to do this.
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Companies urged to file accounts early
Companies House has issued a news update targeted at companies who are due to file accounts by the end of September 2023. Generally, this would be for accounts ending 31 December 2022.
In their update they said:
All
Self-Assessment threshold change
The £100,000 threshold for Self-Assessment change for taxpayers taxed through PAYE only, increased from £100,000 to £150,000 with effect from 6 April 2023. However, the Self-Assessment for 2022-23 tax returns remains at
Pension tax relief at source
You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance for 2022-23 was
Higher rate tax relief on gifts to charities
The gift aid scheme, which was originally introduced in 1990, allows charities to reclaim from HMRC the basic rate of Income Tax deducted from qualifying donations by UK taxpayers. This means that where a basic rate
Current capital allowances for car purchases
If you are thinking about purchasing a company car through a limited company, there are many issues that need to be considered. In this short article we will point out some of the main issues, but it is important to
Share buy-back clearance applications
Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions and be subject to Income Tax.
However, if certain conditions are met, the payment can be treated as an
Reducing self-assessment payments on account
Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments are due on:
31 January during the tax year e.g., for 2022-23 the first payment
Are you a company director?
There is more to being appointed a company director than accepting the title.
According to Companies House directors formal, statutory duties and responsibilities include:
filing an annual confirmation
Giving money to charity in your Will
A reduced rate of Inheritance Tax (IHT) of 36% (reduced from 40%) applies where 10% or more of a deceased’s net estate is left to charity. The lower rate applies where 10% or more of the ‘net value’ of the estate is left
VAT supplies for no consideration
In most cases, a supply of goods or services for VAT purposes is deemed to have taken place in return for consideration. This is usually payment in money but can also be of a “non-monetary” nature, such as
Checking your Simple Assessment tax bill
Simple Assessment is a method by which HMRC can assess where additional Income Tax is due by a taxpayer. A Simple Assessment letter is usually issued to taxpayers with reasonable straight forward tax affairs. The Simple
On your bike tax-free
The Cycle to Work scheme was introduced over 20 years ago to help promote the use of environmentally friendly modes of transport.
The scheme allows employers to provide bicycles and cyclists’ safety equipment to
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