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      JAN
      22
      Making Tax Digital (MTD for ITSA) 06.04.26
      By:
      Gemma
      on
      JAN
      22
      Making Tax Digital (MTD) – What You Need to Know Making Tax Digital for Income Tax becomes mandatory from 6 April 2026 for many unincorporated businesses and landlords. Whether you need to comply depends on your total income from trading and property. Start Dates and Income Thresholds Your eligibility is based […] The post Making Tax Digital (MTD for ITSA) 06.04.26 appeared first on BFMS Accountants and Business Advisers.
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      DEC
      13
      BFMS Christmas and New Year Opening Hours
      By:
      Gemma
      on
      DEC
      13
      *** Christmas Hours *** Our office will close on Friday 16th December 2022 and re -open on 3rd January 2023. The office hours will then temporarily change to:- Monday – Closed Tuesday – 9.30 – 4.30 Wednesday – 9.30 – 4.30 Thursday – 9.30 – 4.30 Friday – Closed Please email […] The post BFMS Christmas and New Year Opening Hours appeared first on BFMS Accountants and Business Advisers.
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      DEC
      13
      SUPER DEDUCTION ALLOWANCE
      By:
      Gemma
      on
      DEC
      13
      Time is running out to claim 130% allowances. The deadline is 31st March 2023 What is it:- The super deduction allowance is only available to Limited Companies chargeable to corporation tax The super deduction is a first year allowance available on expenditure by companies on plant and machinery. It has no limit […] The post SUPER DEDUCTION ALLOWANCE appeared first on BFMS Accountants and Business Advisers.
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      DEC
      13
      CAPITAL ALLOWANCES
      By:
      Gemma
      on
      DEC
      13
      CAPITAL ALLOWANCES Permanent increase in AIA limit The Annual Investment Allowance (AIA) is a capital allowance which provides immediate relief for qualifying expenditure up to the AIA limit. The limit will now remain at £1 million, rather than reverting to £200,000 from 1 April 2023. As a result, you may wish […] The post CAPITAL ALLOWANCES appeared first on BFMS Accountants and Business Advisers.
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      DEC
      13
      CORPORATION TAX
      By:
      Gemma
      on
      DEC
      13
      Corporation tax reforms The planned corporation tax reforms are going ahead. From 1 April 2023, the rate of corporation tax that you pay will depend on the amount of your taxable profits. If you are a standalone company with profits of more than £250,000 you will pay corporation tax at a […] The post CORPORATION TAX appeared first on BFMS Accountants and Business Advisers.
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      DEC
      13
      CAPITAL GAINS TAX LIMIT REDUCTION
      By:
      Gemma
      on
      DEC
      13
      Reduction in annual exempt amount The capital gains tax annual exempt amount is the amount of net gains that can be realised each tax year before capital gains tax is payable. The annual exempt amount is set at £12,300 for 2022/23. It is to fall to £6,000 for 2023/24 and to […] The post CAPITAL GAINS TAX LIMIT REDUCTION appeared first on BFMS Accountants and Business Advisers.
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      DEC
      13
      DIVIDEND TAX
      By:
      Gemma
      on
      DEC
      13
      Reduction in dividend allowance The dividend tax rates were increased by 1.25% from 6 April 2022 and will remain at 8.75% where the dividends fall within the basic rate band, at 33.75% where the dividends fall within the higher rate band and at 39.35% where the dividends fall within the additional […] The post DIVIDEND TAX appeared first on BFMS Accountants and Business Advisers.
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      DEC
      13
      INCOME TAX
      By:
      Gemma
      on
      DEC
      13
      Additional rate threshold to fall The additional rate threshold is to fall from £150,000 to £124,140 from 6 April 2023. The personal allowance and basic rate band will remain unchanged, at respectively, £12,570 and £37,700, until 6 April 2028. The tax rates are also unchanged for 2023/24, remaining at 20%, 40% […] The post INCOME TAX appeared first on BFMS Accountants and Business Advisers.
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      MAY
      02
      CAPITAL ALLOWANCES
      By:
      admin
      on
      MAY
      02
      AIA transitional limit The annual investment allowance (AIA) transitional limit will remain at £1 million until 31 March 2023, providing immediate relief for qualifying capital expenditure. Talk to us about your capital expenditure plans to ensure that you don’t miss out on valuable reliefs. Super-deduction If you are a company and […] The post CAPITAL ALLOWANCES appeared first on BFMS Accountants and Business Advisers.
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      APR
      27
      Covid-19 pandemic resulting in a loss
      By:
      admin
      on
      APR
      27
      Extended carry back If your business has been adversely affected by the Covid-19 pandemic resulting in a loss, you may be able to benefit from the extended carry-back provisions to generate a tax repayment. For income tax purposes, losses for 2020/21 and 2021/22 can be carried back for up to three […] The post Covid-19 pandemic resulting in a loss appeared first on BFMS Accountants and Business Advisers.
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