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FAQs
As you might expect we receive many questions on a day-to-day basis from clients and contacts seeking advice on a wide range of business, accounting and taxation queries or issues. To help you find the answer to your question quickly, we have compiled our most frequently asked questions.
Don’t see the answer to your question in our FAQs below? Please contact us today to speak to a member of our friendly team.
Nine months after the company’s year-end unless it is the company’s first year of trading in which case it is 21 months after the date of incorporation.
Nine months after the company’s year end (unless the company’s accounting period is more than or less than 12 months).
There is no definite answer. This depends on a number of circumstances including the level of business profits, business risk, protection of personal assets and the sector in which your business operates. Get in touch with our team for our expertise and advice.
The law allows you to leave an estate worth up to £325,000 (2023/24) without having to pay any Inheritance Tax upon it. This £325,000 is called the ‘Nil Rate Band’. After the first £325,000, or the Nil Rate Band, the remainder of your estate will be charged 40% Inheritance Tax.
People who leave 10% or more of their net estate to charity can choose to pay a reduced rate of Inheritance Tax of 36%. Gifts can be made of up to £250 p.a. to any persons and gifts in consideration of marriage/civil partnership of up to £5,000 by a parent, £2,500 by a grandparent, or £1,000 by any other person.
Gifts to charities, whether made during lifetime or on death are also exempt. Figures correct as of April 2023.
On the transfer of residential property, the stamp tax is nil on the value of a property up to £250,000; then as follows:
- Properties £250,001 to £925,000 = 5%
- Properties £925,001 to £1.5 million = 10%
- Properties over £1.5 million = 12%
Higher rates of stamp duty are charged on the purchase of additional properties like buy-to-lets and second homes. Figures correct as of April 2023.
There are different levels of National Minimum Wage, depending on your age and whether you are an apprentice. The current rates (as of 1st April 2023) are as follows:
- National Living Wage (aged 23+) – £10.42
- Aged 21-22 – £10.18
- Aged 18-20 – £7.49
- Aged 16-17 – £5.28
- Apprentice Rate – £5.28
Figures correct as of April 2023.
The full state pension for 2023/24 is £203.85 per week for a single person, but your individual circumstances may affect the amount you get. Figures correct as of April 2023.
The first eligible child receives £24 per week and each subsequent child receives £15.90. Figures correct as of April 2023.
