SJB & Co Chartered Accountants
Year-end tax planning tips?How to reduce your tax bill. As the end of the 2023/24 tax year approaches, it is prudent to review your tax affairs and consider whether you can reduce your tax bill by taking advantage of allowances and exemptions that would otherwise be wasted. Key dates For individuals, the 2023/24 tax year […]
Year-end planning tips? How to reduce your tax bill. Read More »
Extracting profits from your company.Is your strategy tax efficient? If you operate your business as a personal or family company, you will need to extract profits if you want to use them to meet personal expenditure. This update considers some of the various ways in which this can be done. And in particular, if you
Extracting profits from your company. Is your strategy tax efficient? Read More »
After the end of the tax year, employers need to provide certain information to employees and to HMRC as regards both pay and deductions and taxable expenses and benefits. Key dates Employees must be given their P60 for 2022/23 by 31 May 2023. They must also be notified of any payrolled benefits by 1 June
Employer deadlines- Pay and benefit reporting Read More »
George Osborne, definitely had a bee in his bonnet about property owners, particularly those who were building buy-to-let property portfolios. A major change that he introduced was the gradual reduction in the amount of tax relief that landlords of residential property could claim for finance charges: this includes mortgage interest. Accordingly, finance charges are now
Property Business Tax Review 2022-23 Read More »
There are certain assets that you can sell without paying CGT. They include: CGT rates for 2022-23 are: If you pay income tax at higher rates (40% or above) you will pay CGT at: If you pay income tax at basic rates (20%) you will pay CGT at: To qualify for the lower rates your
Capital Gains Tax (CGT) – Tax Free Gains 2022-23 Read More »
Fiscal drag – freezing tax allowances As announced in the Autumn Statement 2022, most of the personal tax and NIC rates and allowances are to be frozen at current levels for a further two years until April 2028. This does mean that most pay increases in the next six years will be taxable. If these
Tax Planning for Individuals 2022-23 Read More »
Now that everyone has had time to start absorbing the details of last month’s announcements, we can begin to consider what the impact will be and what if any actions are required to minimise the effect on businesses and families.The overall impact of the proposals will be an increase in the tax burden as a
Autumn Statement Commentary Read More »
Tax Returns! We are now nearly two months into the new tax year and it is time to think about completing tax returns! Tax return information should be available with banks and brokers making annual reports available online or sending them out and employers issuing end of year details. We are asking all clients to
June 22 Update – Tax returns Read More »
The annual tax-free capital gains allowance is £12,300. Consider selling assets, shares for example, that can be sold within the tax-free allowance. If your chargeable gains are likely to exceed the £12,300 limit, are there any assets you can sell at a loss to reduce the total gains below the tax-free limit? It is no
Year-end capital gains tax planning 2021-22 Read More »
There is just over a month to go before the end of the tax year. If you have not already started to do so it is time to start reviewing your finances to consider any actions required by 5 April. If your business year-end is also at the end of March then there will be
