Updates Flashcards
Business - full expensing
The super-deduction is no longer in force. Instead, companies can apply for a full expensing allowance. Full expensing allows companies to deduct 100% of the cost of plant and machinery purchased in that particular accounting period from chargeable receipts. The amount deductible is uncapped. On disposal of the asset, a balancing charge is applied equal to 100% of the disposal value where full expensing has been claimed. Full expensing is set to end on 31 March 2026, but the government has stated that it intends to make it permanent as soon as it is ‘economically responsible to do so’. Only incurred 1 April 2023 - 31 March 2026.
The normal AIA of 100% of the cost of the asset, capped at £1 million, is in force in addition to full expensing, and for companies the AIA will be relevant for assets which are second-hand or refurbished rather than brand new.
Business Income tax
The blind person’s allowance has increased from £2,600 to £2,870.
For savings income and NSNDI, the additional rate threshold has changed from £150,000 to £125,140.
The dividend allowance has reduced from £2,000 to £1,000.
Business - capital gains
The annual exemption has reduced from £12,300 to £6,000 for the 2023/24 tax year.
Business - Corporation tax
- companies with taxable profits of up to £50,000 are subject to the standard small profits rate of 19%;
- companies with taxable profits of more than £250,000 are subject to the main rate of 25% (on all of their taxable profits); and
- companies with taxable profits above £50,000 but not exceeding £250,000 are subject to the marginal rate, meaning that the corporation tax rate is tapered so that companies in this bracket are charged at an overall corporation tax rate of between 19% and 25%.
However, for mainstream companies with straightforward trading profits, the tax payable can be calculated by applying a tax rate of 19% to the first £50,000 of taxable profits and a rate of 26.5% to the balance.
What is a district judge in high and county courts called?
Judge - not sir madam
Small claims track for PI
£5,000 for pain suffering loss of amenity
Bereavement damages
Cohabited living as partner, in same house house right before death, 2 years - as well as spouse
