Accountant's Certification

Accountant's Certification

Accountant's Certification

Accountant’s Certificate of Confirmation

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Overseas Issues

Overseas Issues

Overseas Issues

Tax affairs become very complex when there are overseas issues, such as, being UK tax resid

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Moses Lenga

Accountant

Other Taxes/Allowances

Stamp Duty Land Tax – Non-residential Property
Property Value Rate on or after 17 March 2016 (on portion of value above threshold)
0 to £150,000 0%
£150,000 to £250,000 2%
Over £250,000 5%
Net Present value (NPV) of the Lease Rate on or after 17 March 2016 (on portion of value above threshold)
0 to £150,000 0%
£150,000 to £5 million 1%
£5 million + 2%
Stamp Duty Land Tax – Residential Property - Standard rates from 23th September 2022 to 31 March 2025
Property Value Rate (on portion of value above threshold) Rate (on portion of value above threshold) if purchase is of an additional residential property Rate (on portion of value above threshold) on or after 1st April 2021 if purchase is of residential property by certain non-UK residents Rate (on portion of value above threshold) if purchase is of an additional residential property and by a certain non-UK resident
0 to £250,000 0% 3% 2% 5%
£250,000 to £925,000 5% 8% 7% 10%
£925,000 to £1.5m 10% 13% 12% 15%
Over £1.5 million 12% 15% 14% 17%
Property Value Rate (on portion of value above threshold) Rate (on portion of value above threshold) if purchase is of an additional residential property Rate (on portion of value above threshold) on or after 1st April 2021 if purchase is of residential property by certain non-UK residents Rate (on portion of value above threshold) if purchase is of an additional residential property and by a certain non-UK resident

Value Added Tax

VAT Rates April 2024/2025 April 2023/2024
Standard Rate 20% 20%
VAT Fraction 1/6 1/6
Reduced Rate 5% 5%
Zero Rate 0% 0%
Temporary reduced rate for hospitality and tourism sector 20% 20%
Taxable Turnover Limits Amounts
Registration - from 1April 2024 £90,000 £85,000
Deregistration - from 1 Aperil 2024 £88,000 £83,000
To join Cash accounting scheme - up to £1,350,000 £1,350,000
To leave Cash accounting scheme - more than £1,600,000 £1,600,000
To join Optional flat rate scheme - up to £150,000 £150,000
To leave Optional flat rate scheme - more than £230,000 £230,000
To join Annual accounting scheme - up to £1,350,000 £1,350,000
To leave Annual accounting scheme - more than £1,600,000 £1,600,000

Corporation Tax

Financial Year 2022 to 2022 Financial Year 2023 to 2023 Financial Year 2024 to 2024
Plant and machinery: main rate expenditure 18% 18% 18%
Plant and machinery: special rate expenditure 6% 6% 6%
Structures and Buildings Allowances(SBA) 3% 3% 3%
Structures and Buildings Allowances(SBA)-Investment zone 10% 10% 10%
Annual Investment Allowance £1million £1million £1million
First Year Allowance 100% 100% 100%
Full Expensing: Main rate expenditures 0% 0% 100%
Full Expensing: Special rate expenditure 0% 0% 50%
R&D tax credits SME scheme 230% 230% 230%
R&D SME payable credit 14.50% 14.50% 14.50%
R&D Expenditure Credit 13% 13% 13%
Patent Box 10% 10% 10%
Film tax relief 25% 25% 25%
High-end TV tax relief 25% 25% 25%
Videogames tax relief 25% 25% 25%
Open ended investment companies and authorised unit trusts 20% 20% 20%
Main rate- for profits above £250,000 19% 25% 25%
Small profit rate- Companies with profits of £50,000 or less. 19% 19% 19%
Small profit limit £50,000 £50,000
Marginal rate limit £250,000 £250,000
Marginal relief fraction 3/200 3/200

Capital Gains

Group 2024 / 2025 2023 / 2024
Main rates for individuals 10% / 20% 10% / 20%
Rates for individuals (for gains on residential property not eligible for Private Residence Relief) 18 % / 24% 18 % / 28%
Rates for on gains on ( carried interest) 18 % / 28% 18 % / 28%
Main rate for trustees and personal representatives 20% 20%
Rate for trustees and personal representatives (for gains on residential property not eligible for Private Residence Relief) 24% 28%
Rate for personal representatives for gains on carried interest 28% 28%
Annual exempt amount (AEA) for individuals and personal representatives £3,000 £6,000
AEA for most trustees 1,500 £3,000
Rate on gains subject to business Asset Disposal Relief 10% 10%
Rate on gains subject to investors’ relief 10% 10%
Business Asset Disposal Relief (previously known as Entrepreneurs’ relief): lifetime limit on gains for entrepreneurs £1,000,000 £1,000,000
Investors’ relief: separate lifetime limit on gains for external investors £10,000,000 £10,000,000

Pensions

Pension

The basic and new State Pensions was uprated in line with CPI inflation in 2023/24. The pension rates for 2024/25 will be:

• For those who reach State Pension age on or after April 6: £221.20 up from £203.85 

• The basic state pension: £169.50 per week up from £156.20

Basic state pension 20234/ 2025 2023 / 2024
Single person per year £8,814.00 £8,122.40
Spouses/civil partners per year £5,280.60 £4,867.20
Maximum age for tax relief 74 74
Minimum age for taking benefits 55 55
Lifetime allowance charge – lump sum paid % 55%
Lifetime allowance n/a
Annual allowance £60,000 £60,000
Maximum tax-free lump sum 25% 25%
Money Purchase Annual Allowance £10,000 £10,000
Threshold Income Limit £200,000 £200,000
Tapered Annual Allowance (applies when an individual has ‘adjusted income’ over this amount provided the ‘threshold income’ test is met) £260,000 £260,000
Lumpsum allowance £268,275 0
Lumpsum and death benefit allowanace £1,073,100

Car Benefits

Car Benefits

The taxable benefit is calculated as a percentage of the list price of the car, on the day before it was first registered, plus certain accessories. This percentage depends upon the rate at which the car emits carbon dioxide (CO2), and the fuel type.

Income Tax Allowances 2024 / 2025 2023 / 2024
Car fuel benefit charge multiplier £27,800 £27,800
Van fuel benefit charge £757 £757
Van benefit charge £3,960 £3,960
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