Caring for you & your business
Our practice is based on the belief that our clients’ needs are of the utmost importance. Our small team is committed to meeting those needs. As a result, a high percentage of our business is from client referrals. We work in a friendly relaxed atmosphere as the office is based at Nicola’s home where we would welcome the opportunity to earn your trust and deliver you the best service. If you would like to find out how we can assist you & your business, please contact us.
Nicola trained and worked for an ACCA practice for 17 years before opening this practice in 2006. She is a member of the Institute of Accountants & Bookkeepers and was invited to be a volunteer Ambassador in Dec 2023, helping to promote the IAB and mentoring some of it’s members. The Practice has grown to include our newest addition of Bethany as a trainee Accountant. Clare is our experienced bookkeeper, and AICB qualified. Gracie works alongside her as a trainee Bookkeeper. Sam is our Practice Administrator, who ensures everything runs smoothly. All staff are studying with AAT, except Clare who is a member of the ICB.
Beck Cottage
30 The Street
Upper Sheringham
Norfolk
NR26 8AD
Tel: 01263 478675
WhatsApp message: 07769 052551
E-mail:
info@nlaccountancy.co.uk
Hours:
Mon – Fri: 09:00 – 15:30 (Out of hours appointments are available upon request)
Sat: Closed
Sun: Closed
Covid information is on our facebook page
| For England & Northern Ireland only |
| Tax & NIC Thresholds | 2023/24 | 2024/25 |
| Tax Pers Allow | 12,570 | 12,570 |
| Starting rate for Savings | 5,000 | 5,000 |
| Personal Savings Allowance – Basic Rate | 1,000 | 1,000 |
| Personal Savings Allowance – Higher Rate | 500 | 500 |
| Current Income band 2023/24 | ||
| Up to 12,570 | 0% | 0% |
| 12,571 – 50,270 | 20% | 20% |
| 50,270-125,139 | 40% | 40% |
| 125,140+ | 45% | 45% |
| Dividend allowance | 1,000 | 500 |
| Basic/standard taxpayer | 8.75% | 8.75% |
| Higher rate taxpayer | 33.75% | 33.75% |
| Additional rate | 39.35% | 39.35% |
| NIC | 2023/24 | 2024/25 | |
| Class 1 | Lower earnings limit | 6,396 | 6,396 |
| Class 1 | Primary threshold | 12,570 | 12,570 |
| Class 1 | Rate (between primary & upper threshold) | 10% | 8% |
| Class 1 | Secondary threshold | 9,100 | 9,100 |
| Class 1 | Freeport upper secondary threshold | 25,000 | 25,000 |
| Class 1 | Upper secondary threshold (under 21) | 50,270 | 50,270 |
| Class 1 | Apprentice upper secondary threshold (under 25) | 50,270 | 50,270 |
| Class 1 | Veterans upper secondary threshold | 50,270 | 50,270 |
| Class 1 | Upper earnings limit | 50,270 | 50,270 |
| Class 2 | Lower income threshold | 6,725 | 6,725 |
| Class 2 | Per annum | N/A | N/A |
| Class 3 | Per annum | 907.40 | 907.40 |
| Class 4 | Lower limit | 12,570 | 12,570 |
| Rate | 8% | 8% | |
| Class 1A | 13.80% | 13.80% | |
| * Per the Autumn Statement, the rate reduces to 10% from 6 January 2024. | |||
| Capital Gains | |||
| Annual allowance | 6,000 | 3,000 | |
| Rates on residential property | Basic rate taxpayer | 18% | 18% |
| Rates on residential property | Higher rate taxpayer | 28% | 24% |
| Rates on other gains | Basic rate taxpayer | 10% | 10% |
| Rates on other gains | Higher rate taxpayer | 20% | 20% |
From 6 April 2020, where CGT is due on the disposal of UK residential property by a UK resident individual or trustees, a new standalone online return will need to be filed, together with payment on account of CGT, within 60 days of the date of completion of the transaction. (Finance Act 2019 Schedule 2).
| Corporation tax profits | 2023/24 | 2024/25 |
| £0-£50,000 | 19% | 19% |
| £50,001 – £299,999 (*marginal relief available) | 26.50%* | 26.50%* |
| £300,000 + | 25% | 25% |
| Other Thresholds | ||
| Value added tax | ||
| Registration limit | 85,000 | 90,000 |
| De-registration limit | 83,000 | 88,000 |
| Student loan & postgraduate loan recovery | ||
| Employee earnings threshold for student loan plan 1 per annum | 22,015 | 24,990 |
| Employee earnings threshold for student loan plan 2 per annum | 27,295 | 27,295 |
| Employee earnings threshold for student loan plan 4 per annum | 27,660 | 31,395 |
| Employee earnings threshold for student loan plan 5 per annum | 25,000 | 25,000 |
| Student loan deductions | 9% | 9% |
| Employee earnings threshold for postgraduate loan per annum | 21,000 | 21,000 |
| Postgraduate loan deductions | 6% | 6% |
| Minimum wage | ||
| From 1 April 2024 | ||
| Age 21+ | N/A | 11.44 |
| Age 18-20 | 7.49 | 8.60 |
| Under 18 | 5.28 | 6.40 |
| Apprentice aged over 19, but in first year of apprenticeship | 5.28 | 6.40 |
| Apprentice aged under 19 | 5.28 | 6.40 |
| Employment Allowance | 5,000 | 5,000 |
| Statutory Maternity Pay – per week | 172.48 | 184.03 |
| Statutory Sick Pay – per week | 109.40 | 116.75 |
| Marriage Allowance – per annum | 1,260 | 1,260 |
Capital Allowances
Annual Investments Allowance (AIA) limit is £1m from Jan 2022.
From 1 April 2023 until 31 March 2026, companies investing in qualifying new plant and machinery assets will be able to claim:
– full expensing, 100% first year relief on qualifying new main rate plant & machinery investments
– a 50% first-year allowance for the qualifying special rate assets
| Capital allowances rates | 2024/25 | |
| AIA | 100% | |
| Main pool | 18% | |
| Special pool | 6% | |
| Small pool write off, balance less than £1,000 | 100% | |
| Structure & Buildings | 3% – straight line | |
Beck Cottage
30 The Street
Upper Sheringham
Norfolk
NR26 8AD
Tel: 01263 478675
WhatsApp message: 07769 052551
E-mail:
info@nlaccountancy.co.uk
Hours:
Mon – Fri: 09:00 – 15:30 (Out of hours appointments are available upon request)
Sat: Closed
Sun: Closed