Each year the team at Jennifer M Richardson Ltd review how companies can make director’s pay packages as tax efficient as possible, balancing the split between dividends and PAYE salaries to consider varied tax treatments, allowances and National Insurance. With so many changes introduced in the 2023/24 tax year, it may be more important than […]

Autumn 𝖡𝗎𝖽𝗀𝖾𝗍 2023 ★   Have a look below at the summary of the announcements in the Autumn Budget that was announced today.    

What Is A 64-8 Form? The 64-8 Form is the most important piece of paperwork we need to claim your tax rebate for you. This is the document that lets us act as your official “agent” with HMRC.   Why do you need it? Without form 64-8, the taxman won’t even talk to us about […]

Have a look at the summary of the announcements in the Spring Budget on 15th March 2023 and an overview of the latest economic forecasts provided by The House of Commons Library 📗      

⭐P45 – When you leave a job, your employer will then provide you with a P45. Your P45 shows how much tax you’ve paid on your salary so far in the tax year (6 April to 5 April) and crucially it includes your tax code, and it will tell your new employer how much to […]

  For VAT periods starting on or after 1 January 2023, the default surcharge will be replaced by new penalties if you submit VAT returns late or pay VAT late. Who is affected Everyone submitting VAT Returns for accounting periods starting on or after 1st January 2023 will be affected and any nil or repayment […]

        Due to GDPR reasons, we have to send confidential documents on a secure portal for our clients. This has been amazing for keeping our clients personal information safe but we do have a few clients who struggle when it comes to signing certain documents. Below, we have explained it all in […]

What are the Current VAT Rates?  The current VAT rates are: Standard rate: 20% Reduced rate: 5% Zero rate: 0% The standard VAT rate is 20% on most goods and services.   What is the UK VAT Threshold?  Businesses must register for VAT if their VAT taxable turnover is more than £85,000. However, a business […]

Your tax code is used by your employer or pension provider to work out how much Income Tax to take from your pay or pension.  As an employed person you should understand and check your income tax code.   The most common tax code people use in the tax years 2021/22 tax year is 1257L and […]