HMRC Closures
At present, we are on hold between 45-60 minutes for every phone call to HMRC and this is likely to get worse in the next few weeks.
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Taxation for individuals and trusts
Be compliant - we know the rules.
Audit and assurance services
Navigate regulatory complexity - we provide the expertise.
Accounting and taxation for business
Focus on your business - we'll manage the books and tax.
Charity and community interest companies (CICs)
Accounting for good - we have experience of CICs.
International accountancy services
Remove the hassle - let us take care of your International tax and accounting.
Bookkeeping, VAT, cloud accounting & payroll
Reduce the pain - we can handle your monthly calculations.
Tax planning
Reduce your tax liabilities - we'll show you how.
Business advisory and wealth creation
Grow your business and wealth - we know what it takes.
Spring Budget Update!
So if you are anything like us, you will have watched the Budget live and listened to the hour-long announcements of what we can expect next from our government.
If, like many other people, you couldn’t bear the boo’s and jeering everytime a sentence was uttered, then here are our top 5 things to take away
1. The VAT registration threshold has been raised from £85,000 to £90,000. This means for businesses who’s annual turnover was starting to get near that limit, there is a little bit more breathing space. This wasn’t quite the VAT rate reduction we were hoping for but it’s a move in the right direction
2. There will be a change in 2026 to the High Income Child Benefit Charge to make it fairer for households. At present if one taxpayer earns more than £50,000, the child benefit due to them is reduced. It was implied that the long-term change will be to look at the limits per household rather than per taxpayer. Whilst they iron out the rules for 2026, there will be a change from April 2024 which increases the individual threshold to £60,000 and the top taper threshold to £80,000.
3. From 6 April 2024, national insurance for the employed has another cut from 10% to 8%. Self-employed national insurance will also be reduced from 8% to 6%. This is in addition to the change that we enjoyed late last year and for an individual earning £50,000 per year will mean an extra £60 in their pocket each month
4. The higher rate for capital gains tax on sale of residential property will be reduced from 28% to 24%. The lower rate is staying the same, as is the rates for sales of commercial property. This is giving a bit of relief in an area that has been penalised in the last few years with the reduction of capital gains tax allowances
5. A more personal one for the residents of the town where we are based – Eastbourne is to receive a further £20 million to regenerate the town under the Long Term Plan for Towns scheme. It has been reported that this will be used for seafront regeneration, community safety, transport links as well as improving our high street
If any of this feel relevant to you and you wish to discuss it with us, please feel free to call the office number on 01323 649509 or email us on info@dominichill.co.uk
Related Posts
Dividends allowance update!
With the increase in corporation tax rates in 2023, we are now having to consider each client individually to see whether the combination of corporation tax and personal tax on dividends is still the most tax efficient way to extract money from a business.
What is Auto Enrolment?
Auto Enrolment (or Automatic Enrolment, as the Pensions Regulator refers to it) is a requirement for employers to offer contributory pension arrangements to any employee who meets certain requirements.
- What we do