ICM Accountancy’s Post

Key Income Tax Updates for Small Businesses in the 2025-26 Tax Year: For the 2025-26 tax year, most Income Tax allowances and rates in the UK will remain unchanged, with some notable adjustments for small businesses. The Married Couple's Allowance will increase to £11,270 for those born before 6 April 1935 and the minimum to £4,360. The Blind Person's Allowance will rise to £3,130. Other allowances will stay frozen until 5 April 2028, and ISA investment limits will not change. Additionally, Making Tax Digital (MTD) will become compulsory for sole traders and landlords earning over £20,000, though no specific date has been set. Small businesses should be aware of these updates, especially regarding MTD compliance, for effective financial management. #uktax #taxation #taxpayers #taxupdates #taxadvices #taxsavings #smallbusinessowners

Attention UK earners! Did you know that once your income exceeds £100,000, your income tax personal allowance is gradually taken away? This means that if your income is between £100,000 and £125,140, you'll face a hefty marginal income tax rate of 60%. For example, someone earning £100,000 and receiving an extra £10,000 will pay a total tax of £6,000, which is 60% of the extra income. And if your income exceeds £125,140, you'll start paying income tax at 45% on most types of income. Keep in mind that the personal allowance saves you up to £5,028 in tax if you are a higher-rate taxpayer (£12,570 x 40%). These are important tax facts to keep in mind as you plan your finances. #UKtax #incometax #personaltaxallowance

UK Personal Allowance Frozen Until 2028, Impacting Tax Bills for Small Businesses and Taxpayers: For the 2024-25 and 2025-26 tax years, the UK personal allowance will stay at £12,570, which means individuals can earn this amount without paying tax. However, this allowance will be frozen until 2028, meaning it won’t increase even though prices and wages might go up. This freeze could lead to higher tax bills as people earn more over time. But from 2028-29, the government plans to adjust the personal allowance and tax thresholds according to inflation, which may help reduce the tax burden for people and small businesses facing rising costs. #uktax #taxation #taxsavings #taxpayers #taxupdates #taxadvices #smallbusinessowners

Rowleys tax team, help many business owners with their tax planning strategies to minimise tax liabilities. Please get in touch with Rowleys tax partner Mark Hook if you need help. #taxplanning #taxadvisors

💡 Tax Fact of the Day! 💡 Did you know that in the UK, the Personal Allowance for income tax in 2024-2025 is £12,570? This means you can earn up to this amount before paying any income tax! 🏡💼 Also, higher earners (those making over £100,000) lose £1 of their personal allowance for every £2 they earn above this threshold, potentially wiping it out completely at £125,140. Stay on top of your tax strategy with professional guidance. Visit Nunns Accounting Services to see how we can help optimise your finances! https://bit.ly/3y2Jh3I #TaxFacts #PersonalAllowance #NunnsAccounting #TaxPlanning #UKTaxes #AccountingTips #factfriday

Capital gains tax (CGT) has been a hot topic in the UK, especially with recent Labour Party proposals hinting at reforms. Many are curious about the potential impact of Labour's capital gains tax reform on individual and business finances. At Stan Lee Accountancy, we strive to keep our clients up-to-date on any tax changes that could influence their financial strategies. #CapitalGainsTax #TaxReform #UKFinance #FinancialPlanning https://lnkd.in/ebAjZr6G

Did you know that earning between £100,000 and £125,140 could put you in a tax trap where you effectively pay up to 60% tax on the top portion of your income? 🤯 A recent Freedom of Information request revealed a staggering 23% rise in the number of workers falling into this range, now totalling 537,000. This occurs due to the combination of a 40% higher income tax rate and the tapered loss of the £12,570 personal allowance. For every £2 earned above £100,000, you lose £1 of your allowance, leading to a steep 60p tax plus 2p NICs for every pound earned until you reach £125,140. After this, the tax rate drops to 45p in the pound. Are you or your employees at risk? Reach out to Beatons for tailored tax advice and solutions. https://lnkd.in/gR2hcQx7 #taxtrap #taxadvice #taxtips

After paying 30% income tax, the LEFT -OVER balance in my account is considered white money. Then why should I pay GST and other taxes, which are funded from already taxed money? What benefits do I receive? None. #TAXREFORMISDUE

Capital gains tax (CGT) has been a hot topic in the UK, especially with recent Labour Party proposals hinting at reforms. Many are curious about the potential impact of Labour's capital gains tax reform on individual and business finances. At Stan Lee Accountancy, we strive to keep our clients up-to-date on any tax changes that could influence their financial strategies. #CapitalGainsTax #TaxReform #UKFinance #FinancialPlanning https://lnkd.in/efzf9ZmS

Potential Tax Changes That Could Impact Small Businesses in the UK: The UK government has ruled out raising VAT, income tax, and National Insurance but may consider other taxes affecting businesses. Capital gains tax (CGT) is key for small businesses, with rates tied to income and applying to profits from asset sales. Inheritance tax (IHT), at 40% on estates over £325,000, could see changes that affect business succession. Fuel duty, frozen for over a decade, might be reviewed, raising transport costs. Additionally, adjustments to council tax discounts and pension tax relief could impact high-earning business owners by the 2029-30 fiscal year. #uktax #taxsavings #taxadvices #taxupdates #taxpayers #taxation #smallbusinessowners