Wishing you a prosperous and successful new year from all of us at BMC. We are proud to support our clients through trusted accounting services and tailored business management consultation, helping you make confident decisions and achieve your goals.
๐ *UK Budget 2025 Update Wrap*
๐ธ*National living wage rate goes up 4.1%*
Above inflation rises to national living wage to ยฃ12.71 per hour and a significant 8.5% hike in national minimum wage from 1 April 2026.
๐ *UK Budget 2025 Update Wrap*
๐ธ*Budget 2025: writing down allowance reduced to 14%*
Main rate of writing down allowance cut to 14% and 40% first-year allowance introduced.
From April 2026 the main rate WDA for corporation tax and income tax will be reduced from 18% to 14%.
๐ *UK Budget 2025 Update Wrap*
๐ธBudget 2025: 2% rise in income tax on property
For the first time, there will be separate tax rates for property income affecting earnings from renting lands and building.
From April 2027,basic rate 22%, higher rate 42%, and additional rate 47%.
๐ *UK Budget 2025 Update Wrap*
๐ธ*Budget 2025: thresholds frozen to 2031*
In a blow for earners, chancellor extends income tax threshold freeze for another three years
๐ *UK Budget 2025 Update Wrap*
๐ธ*Budget 2025: pension salary sacrifice capped at ยฃ2k*
capping of national insurance contribution (NICs) relief on salary sacrifice into pension schemes to the first ยฃ2,000 of pension contributions per person fromย 2029.
๐ *UK Budget 2025 Update Wrap*
๐ธ*Budget 2025: dividend tax up 2% from 2026*
From the new tax year in April 2026, the base and higher rates of tax on dividend income will increase by 2% to 10.75% for basic-rate taxpayers and 35.75% for higher and additional rate taxpayers.
2025 to 2026 student and postgraduate loans thresholds and rates:
all income above: plan 1 โ ยฃ26,065, plan 2 โ ยฃ28,470, plan 4 โ ยฃ32,745 (all at 9%) and postgraduate loan โ ยฃ21,000 (at 6%).
is it affects you?
#StudentLoans#LoanRepayments#FinanceTips#MoneyMatters#PlanAhead
Happy New Year! ๐ May 2025 bring joy, success, and new opportunities to everyone.
Wishing you all a year filled with happiness, growth and brighter future ! ๏ฟฝ๏ฟฝ๏ฟฝ
Letโs make it a year to remember!โ
The enhanced โCheck Your State Pensionโ forecast service is now available
If you born after 1951 (men) or 1953 (women) you have until 2025 to pay Voluntary National Insurance Contributions to make upโฏgaps from 2006 if you are eligible.
How many times you have to report Making Tax Digital for eligible Self Employed & Landlords?
Now you can sign up to Make Tax Digital for Income Tax testing which you needs to submit account 4 times a year then 1 final declaration.
Basis period reform (Accounting & tax rules changed)
Reporting profits on a tax year basis for โSole Trader and Partnershipโ if had different accounting period must declare profits up to 5th of Apr or 31 of Mar and claim overlap relief, transitional profit spread over 5 years.