ACE Accounting

04/11/2024

30/08/2024

There are many tax reliefs available to married couples or civil partners. In many cases, these reliefs are only available if the couple / civil partners meet the legal definition of living together.

There are many tax reliefs available to married couples or civil partners. In many cases, these reliefs are only available if the couple / civil partners meet the legal definition of living together.

29/08/2024

The VAT penalty regime that applies to the late submission and / or late payments of VAT returns changed for VAT return periods beginning on or after 1 January 2023. Under the new regime, there are separate penalties for late VAT returns and late payment of VAT.

The VAT penalty regime that applies to the late submission and / or late payments of VAT returns changed for VAT return periods beginning on or after 1 January 2023. Under the new regime, there are separate penalties for late VAT returns and late payment of VAT.

28/08/2024

The Corporation Tax Main Rate applies to companies with profits exceeding £250,000 and is currently set at 25%. For companies with profits up to £50,000, a Small Profit Rate (SPR) of 19% is applicable.

The Corporation Tax Main Rate applies to companies with profits exceeding £250,000 and is currently set at 25%. For companies with profits up to £50,000, a Small Profit Rate (SPR) of 19% is applicable.

27/08/2024

Changes to the High Income Child Benefit Charge (HICBC) came into effect on 6 April 2024. The income threshold at which HICBC starts to be charged increased to £60,000 (from £50,000).

Changes to the High Income Child Benefit Charge (HICBC) came into effect on 6 April 2024. The income threshold at which HICBC starts to be charged increased to £60,000 (from £50,000).

26/08/2024

Tips received at work do not count towards your earning for the purposes of the National Minimum Wage. However, you are still required to pay Income Tax on these tips and may also need to pay National Insurance.

Tips received at work do not count towards your earning for the purposes of the National Minimum Wage. However, you are still required to pay Income Tax on these tips and may also need to pay National Insurance.

26/08/2024

One of the key changes introduced as part of the Economic Crime and Corporate Transparency Act (ECCTA) was the introduction of new rules for registered office addresses. The ECCTA introduced new statutory objectives for the Registrar of Companies which they must promote when performing their functions. The changes took effect from 4 March 2024.

One of the key changes introduced as part of the Economic Crime and Corporate Transparency Act (ECCTA) was the introduction of new rules for registered office addresses. The ECCTA introduced new statutory objectives for the Registrar of Companies which they must promote when performing their functio...

23/08/2024

Gift Hold-Over Relief defers the payment of Capital Gains Tax (CGT). It can be claimed when assets, including certain shares, are gifted or sold below their market value to benefit the buyer. The relief allows any gain on the asset to be 'held-over' until the recipient sells or disposes of it. This is achieved by reducing the recipient's acquisition cost by the amount of the held-over gain.

22/08/2024

The Inheritance Tax Residence Nil Rate Band (RNRB) is a transferable allowance available to married couples and civil partners when their main residence is inherited by direct descendants, such as their children or grandchildren.

The Inheritance Tax Residence Nil Rate Band (RNRB) is a transferable allowance available to married couples and civil partners when their main residence is inherited by direct descendants, such as their children or grandchildren.

21/08/2024

HMRC’s Personal Tax Accounts (PTAs) serve as an online tool that enables taxpayers to view and update their information in real time. The PTA can be used for many routine requests and services and help you bypass the need to call or write to HMRC.

HMRC’s Personal Tax Accounts (PTAs) serve as an online tool that enables taxpayers to view and update their information in real time. The PTA can be used for many routine requests and services and help you bypass the need to call or write to HMRC.

20/08/2024

The Disclosure and Barring Service (DBS) is an executive non-departmental public body sponsored by the Home Office. The DBS helps employers across the public, private, and voluntary sectors make safer hiring decisions by identifying individuals who might not be suitable for certain roles, particularly those involving children or vulnerable adults. Additionally, the DBS maintains the Adults’ and Children’s Barred Lists. The DBS checks are used across England, Wales, the Channel Islands and the Isle of Man.

The Disclosure and Barring Service (DBS) is an executive non-departmental public body sponsored by the Home Office. The DBS helps employers across the public, private, and voluntary sectors make safer hiring decisions by identifying individuals who might not be suitable for certain roles, particular...