Accord Accountants 130 Bournemouth Road, Chandlers Ford, Eastleigh, SO53 3AL Co No 04394662 Registered in England and Wales
Useful Links and Tax Tips
HMRC
HMRC Self Assessment helpline 0300 200 3310.
HMRC Corporation Tax helpline: 0300 200 3410
Companies House
Companies House general enquiries: 0303 1234 500
Tax Tips
1. A common issue often forgotten is the transfer of unused marriage allowance e.g. Jim, the client, earns from his business £18,000 per annum, so his Personal Allowance is utilised. However, his wife works part time, for £6,000 per annum. She can earn £12,570 per annum tax free, therefore has unused allowances of £6,500. She can transfer £1,250 of the £6,570 to her husband.
2. For directors, with a large director loan credit, why not charge your company interest (a tax deductible expense). The interest for a SR director is tax free if under £1000 e.g. Jim has a director loan outstanding of £15,000. He charges his company 6% interest i.e. £900. This will be tax free income.
Accord Accountants 06/11/2023
Tax Allowances
INCOME TAX
- PERSONAL ALLOWANCE (TAX FREE) £12,570
- TRANSFERABLE MARRIAGE ALLOWANCE £1,250
- RENT A ROOM £7,500
- CASUAL TRADING INCOME £1,000
- INTEREST RECEIVED £1,000
TAX FREE MILEAGE ALLOWANCE
- UP TO 10,000 MILES P.A. 45p
- OVER 10,000 MILES 25p
- MOTOR CYCLES 24p
- BICYCLES 20p
CAPITAL GAINS TAX
- INDIVIDUAL EXEMPTION £6,000
- TAX RATE (SR TAXPAYER) 10%
- ENTREPRENEURS RELIEF 10%
CORPORATION TAX
- TAXABLE PROFITS 19%
VAT
- REGISTRATION THRESHOLD £85,000 (Turnover)
- DE REGISTRATION LIMIT £83,000 (Turnover)
Links to Information
Client forms