August 2024 – Acumeus

August 27, 2024
By Mital Patel
Income Tax

Will Paying Voluntary National Insurance Contributions (NICs) Boost Your Pension?

When it comes to planning for retirement, one of the key components is understanding how your State Pension will be calculated. Many people are surprised to learn that the amount they receive in their State Pension is directly linked to their National Insurance contributions (NICs). In some cases, you might have gaps in your NIC […]

August 23, 2024
By Mital Patel
Corporation Tax

Full Expensing vs Annual Investment Allowance: A Strategic Comparison

As we navigate the evolving landscape of capital allowances, it’s crucial for businesses to understand the nuances between two significant tax relief options: Full Expensing and the Annual Investment Allowance (AIA). The government introduced Full Expensing in Spring 2023 and made it permanent in Autumn 2023. This new option might lead some companies to forget […]

August 15, 2024
By Mital Patel
Income Tax

The Benefits of Filing Your Self-Assessment Tax Return Early

Filing your self-assessment tax return may not be the most exciting task, but it’s one of those important responsibilities that can have a big impact on your finances. Every year, millions of people in the UK are required to submit their tax returns. While the deadline usually looms on 31 January, there are some excellent […]

August 6, 2024
By Mital Patel
Income Tax

Personal Tax Planning Strategies for Higher Rate Taxpayers

As the end of the 2024/25 tax year approaches on 5 April 2025, it’s crucial for higher rate taxpayers to take a proactive approach to personal tax planning. Higher rate taxpayers – those earning between £50,270 and £125,140 – face a tax rate of 40% on income over the basic rate threshold. Effective tax planning […]