BakerPringle

30/10/2024

💥 Big Tax Changes Just Dropped 💥40 Billion a year in extra taxes!

🔹 Capital Gains Tax (CGT): Lower rate up to 18%, higher rate up to 24%. Carried interest gains hit 32% by 2025.

🔹 Business Asset Disposal Relief (BADR): CGT on gains up to £1M will go from 10% this year to 14% next, and 18% the following.

🔹 Employer NI: Employers’ NI up to 15%, threshold reduced to £5K, but employment allowance doubled to £10.5K to help ease the increase.

🔹 Inheritance Tax (IHT): Threshold freeze extended to 2030; assets above £1M in business/ag now get 50% relief.

🔹 Stamp Duty: Second-home surcharge up to 5%—effective tomorrow!

🔹 Minimum Wage Boost: 6.7% increase from April; ages 21+ will earn £12.21 per hour!

🔹 Non-Dom Tax Regime: Abolished, bringing major changes for residents.

🔹 Duties Rising: Higher air duty on private jets, to***co duty hike, plus a flat-rate for va**ng by 2026.

Stay tuned for more updates! 💼

28/10/2024

🚨 Don’t wait until the 31st of January to do your tax return! 🚨

Now’s the perfect time to get it done. Why?
✔️ Avoid the stress of last-minute filing
✔️ More time to gather any missing documents
✔️ Stay ahead of the festive season when things get busy
✔️ Manage tax payments or refunds in advance

Let us take care of it now so you can enjoy the holidays worry-free! 🎄

07/10/2024

🛡️ How to Avoid HMRC Scams: Stay Safe and Secure! 🛡️

Scams targeting HMRC users are still a real threat! Follow these essential tips to protect yourself and your business from fraud:

🔒 Keep Your Login Details Safe:
Never share your HMRC username or password, especially over the phone or through email. HMRC will never ask for this information directly. Always visit their website to verify any requests.

📧 Beware of Fake Texts & Emails:
If you receive a message asking you to click a link to access your account—DON’T! Always type the official HMRC URL into your browser manually to check for any updates on your account.

🔑 Check for Secure Connections:
When visiting HMRC’s site, make sure the URL starts with “https” and has a padlock symbol. This ensures the connection is secure, keeping your data safe.

🛡️ Use Multi-Factor Authentication:
Activate MFA for extra protection on your HMRC account. You’ll need an additional code to log in, making it harder for fraudsters to gain access.

🔐 Protect Your Passwords:
Change your passwords regularly and avoid using the same one across different platforms. Strong passwords should include a mix of letters, numbers, and symbols.

🚨 Report HMRC Scams:
If you suspect fraud, report it immediately via HMRC’s online helpdesk.
Don’t risk falling victim to scammers—stay vigilant, and for any concerns about fraud or your business accounts, contact BakerPringle todayfor expert advice and support.

📞 01920 897 116
🌐 www.BakerPringle.co.uk
📧 Email: [email protected]
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20/09/2024

Thinking of moving abroad? 🌍 It’s thrilling, but don’t overlook the tax implications! Here are some key points:

1. Income Tax: As a non-UK resident, you’re usually taxed on UK income only. Multiple incomes? Tax treaties might affect your situation.
2. Tax Compliance: You may still need to file a UK tax return, especially if earning UK income. Split-year treatment can complicate things.
3. Temporary Non-Residence: Return within 5 years? You might owe Capital Gains Tax on assets sold while abroad.
4. Payroll & Employment: Working for a UK employer abroad? Your tax residence status is key to avoiding double taxation.
5. Non-Resident Landlord Scheme: Renting out UK property? Ensure you’re compliant with HMRC rules.
6. Capital Gains Tax: Get advice if you plan to sell UK property after moving.
7. Inheritance Tax: You could still owe UK Inheritance Tax on your worldwide estate.
8. ISAs: You can’t contribute while abroad but can keep them open and resume later.
9. Wills: Have a UK will alongside one in your new country.

Need tailored advice? We’re here to help! 🌟

13/09/2024

🚨 Reminder: The deadline to register for Self-Assessment is approaching – 5 October 2024! 🚨

If you became self-employed on or after 6 April 2023, here’s what you need to know:
* Registration Deadline: Make sure to register with HMRC by 5 October 2024 to avoid penalties.
* Why Register? This tells HMRC you’ll be submitting a tax return for the year. It’s a one-time requirement, so if you’ve already registered before, you don’t need to do it again.
* First Tax Return Due: Your first tax return is due by 31 January 2025, giving you time to plan and save for your tax bill.
* Missed the Deadline? If you miss the 5 Octoberdate, you could face penalties. However, if you pay your full tax by 31 January, HMRC may reduce the late penalty to zero.
* Keep Records: Stay organized by keeping thorough records of all your income and expenses—it makes filing easier and ensures you’re ready if HMRC requests proof.
* Register Online: It’s quicker and more convenient to register online through HMRC’s website, so don’t wait!

Need help navigating your self-assessment? Reach out to us for support! 💼📊

23/08/2024

Setting up a limited company in the UK is an exciting step, but it comes with serious responsibilities and potential pitfalls. Without professional advice, you might overlook crucial details that could lead to big issues later. From choosing the right company structure to understanding your legal and financial obligations, there’s a lot that a professional can guide you through.
One major risk is missing out on valuable tax benefits. A professional advisor can help you navigate the complex tax landscape, ensuring your business is set up in the most tax-efficient way. They’ll also make sure you stay compliant with all regulations, avoiding costly mistakes that could lead to penalties or legal trouble down the line.

Going it alone might seem appealing, but expert advice can save you time, money, and stress. Build a strong foundation for your business so you can focus on growth and success. Don’t leave your company’s future to chance—contact us today to discuss how we can help set you up for long-term success! 💼📈

25/07/2024

Cappuccino anyone?

21/06/2024