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Year End Tax Planning Guide

The ideal time to take stock

The run up to the end of the tax year on 5 April 2025 is a good time to check that your family and business finances are arranged in the best way possible. In this Year End Tax Planning Guide, we look at useful ways to take advantage of available tax reliefs and planning opportunities.

The Guide is divided into sections: planning points for companies and business owners; then points for families, couples and individuals. This is for ease of use, and there is inevitably some overlap.

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Email. info@kcaccountancyservices.co.uk

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Self-Assessment season isn’t just in January!

Self-Assessment season isn’t just in January!

Here’s why you should send your paperwork early:

✅ Avoid the last-minute rush & stress
✅ Know your tax bill in advance – no surprises!
✅ Get any tax refunds sooner 💰
✅ More time for tax planning & making smart decisions
📩 Send us your paperwork early & let’s make tax season smooth!

#SelfAssessment #FileEarly #TaxPlanning #StressFreeTax

The UK government has announced significant reform

The UK government has announced significant reforms to Statutory Sick Pay (SSP), aiming to provide better support for workers during periods of illness. Here is what you need to know in detail...

1. Increased SSP Rate:
The standard SSP rate will rise from £116.75 to £118.75 per week. This rate applies to eligible employees who are off work due to sickness for at least four consecutive days.

2. Inclusion of Lower-Income Workers:

Previously, employees earning less than £123 per week were not eligible for SSP. Under the new system, employees earning below this threshold will receive SSP amounting to 80% of their average weekly earnings, ensuring that approximately 1.3 million low-wage workers receive financial support during illness.

3. Immediate Eligibility:

SSP will now be payable from the first day of sickness, eliminating the previous three 'waiting days' before payments commenced. This change ensures that employees receive support without delay when they fall ill.

Implications for Employers:

Financial Planning: Employers should anticipate the increased SSP rate and the broader eligibility criteria when forecasting payroll expenses.

Policy Updates: It's essential to revise company sick leave policies to align with the new SSP regulations, ensuring clarity for both management and staff.

Administrative Adjustments: Payroll systems may require updates to accommodate the immediate SSP payments from the first day of an employee's sickness absence.

Need Assistance?

Navigating these changes can be complex. Our team is here to provide guidance and support to ensure your business remains compliant and your employees are well-supported.

#StatutorySickPay #SSPChanges #EmployerUpdate #EmployeeWellbeing #PayrollCompliance

Calling all landlords & property investors! 📢 W

Calling all landlords & property investors! 📢 We’re excited to announce our new partnership with Hammock – a game-changing accounting software for landlords!

🏡 Perfect for:

✔ Residential landlords
✔ Furnished holiday let owners
✔ Anyone managing rental income

Hammock syncs directly with your bank to track rental income & expenses effortlessly
Makes Making Tax Digital (MTD) compliance simple
Reduces tax headaches & improves financial tracking

Want to see how it can help you? Get in touch today!

#LandlordFinance #HammockSoftware #MTD #PropertyAccounting #RentalIncome

Thank you for your kind words! 🙌 At KC Accoun

Thank you for your kind words! 🙌

At KC Accountancy Services, we believe that finance shouldn’t be complicated – our goal is to make everything clear, simple, and stress-free for our clients.

We’re so glad to have a positive impact on your business and truly appreciate your trust in us 💙

#HappyClients #AccountingMadeSimple #BusinessSupport

🚨 Important Tax Changes for UK Side Hustlers! 🚨

The UK government has announced significant updates to tax reporting requirements, making it easier for those earning extra income from side activities. Here's what you need to know:

💰 Increased Reporting Threshold:
Earnings up to £1,000 → No tax, no reporting needed.
Earnings between £1,000 - £3,000 → Simplified tax reporting via a new online platform.
Earnings over £3,000 → Full Self-Assessment required.

📊 Trading Allowance:
The £1,000 trading allowance remains unchanged, allowing you to earn tax-free income from side gigs up to this limit. Above £1,000? Tax is still due!

👩‍💼 For Side Hustlers:
Simplified Reporting for earnings between £1,000 - £3,000.
Full Reporting for earnings over £3,000.
Keep track of your income & expenses to ensure accurate tax reporting.
🔍 Next Steps:
Stay informed on HMRC updates.
Keep your records organised.
Seek advice from a tax professional if unsure about your obligations.

💬 Have questions or need help navigating these changes? DM us for personalised advice! 💼

#TaxChanges #SideHustlers #SelfAssessment #TradingAllowance #FreelancerTips #UKTax

HMRC has changed the tax treatment of double cab p

HMRC has changed the tax treatment of double cab pick-ups (DCPUs), and from April 1, 2025, they will now be classified as cars rather than commercial vehicles for tax purposes.

🔹 This impacts benefit-in-kind (BIK) tax, capital allowances, and VAT reclaim rules

🔹 Employers and employees using DCPUs for work should review their tax positions

🔹 If you currently use or are planning to purchase a DCPU, speak to us to ensure you’re tax-efficient

💬 Questions about how this affects you? Get in touch today!

📧info@kcaccountancyservices.co.uk
📞01691 674792

#TaxUpdate #DoubleCabPickUp #BusinessOwners #TaxPlanning