What are the opening hours?

Monday 8am - 6pm Tuesday 8am - 6pm Wednesday 8am - 6pm Thursday 8am - 6pm Friday 8am - 6pm

JWL Accountancy Ltd

Home
United Kingdom
Rugeley
JWL Accountancy Ltd

JWL Accountancy is a firm of accountants and business advisers in the West Midlands specialising in owner managed businesses.

09/11/2024

Out out with the wife for

04/11/2024

On October 30, 2024, Chancellor Rachel Reeves delivered her inaugural budget to Parliament, aiming to stabilize the economy and initiate a decade of national revitalization. The plan includes updated debt guidelines to support increased borrowing, alongside significant tax hikes totaling £40 billion to fund investment.
Headlines included:

•Capital Gains Tax: Rates will increase immediately, with additional hikes for certain business disposals scheduled for April 2025 and April 2026.

•Stamp Duty Land Tax: Rates will rise immediately, impacting buyers of residential properties who already own at least one home.

•VAT on Private School Fees: A 20% VAT will apply to private school fees beginning with the school term in January 2025.

•Employer Costs: From April 2025, employers will face higher costs due to both an increase in the national minimum wage and major reforms to employer national insurance contributions.

•Double-Cab Pickup Vehicles: A new approach affecting businesses using double-cab pick-up vehicles will take effect in April 2025.

•Inheritance Tax: Starting in April 2026, restrictions will be applied to agricultural and business property reliefs. Additionally, undrawn pension funds will be included in an individual’s inheritance tax estate from April 2027.

28/10/2024

Special VAT reverse charge rules for building contractors and sub-contractors took effect on 1 March 2021, imposing a domestic reverse charge on most construction services between VAT-registered businesses in the sector.

If you're VAT registered in the UK and supply services to the construction sector, use the reverse charge if:

- Your customer is VAT registered in the UK.
- Payment is reported under the Construction Industry Scheme (CIS).
- Services are standard-rated or reduced-rated for VAT.
- You're not supplying staff or workers.
- Your customer hasn't confirmed in writing they're an end user or intermediary.

Under these rules, sub-contractors do not charge VAT to most building customers. Contractors pay the output VAT on behalf of sub-contractors and can reclaim it on their VAT return, following standard rules. Compliance with these regulations is crucial to avoid penalties from HMRC.

📷 Silvia Brazzoduro on Unsplash

25/10/2024

Employees with multiple jobs may qualify for a deferral of Class 1 National Insurance (NI) contributions in certain circumstances. You may be eligible to apply for this deferment if:

You pay Class 1 NI to more than one employer.
You earn £967 or more per week from a single job during the tax year.
You earn a combined total of £1,209 or more per week from two jobs over the tax year.
This deferment could result in reduced NI deductions at a rate of 2% on weekly earnings between £242 and £967 in one job, instead of the usual 8% rate.

At the end of the tax year, HMRC will review your NI contributions and inform you if any NIC arrears are owed.

Most self-employed individuals must also pay Class 4 National Insurance contributions. Although it is no longer possible to defer Class 4 NICs, you may still be able to claim a refund for previous tax years.

📷 Alex Kotliarskyi on Unsplash

24/10/2024

Most personal pensions have a minimum age for withdrawals, typically set at 55. A portion of pension benefits can be taken tax-free, with most people able to withdraw 25% of their pension pot as a tax-free lump sum, up to a maximum of £268,275. If you have protected allowances, the tax-free withdrawal amount and your overall tax-free limit could be higher.

Once you’ve made a tax-free withdrawal, you generally have up to 6 months to decide how to manage the remaining 75% of your pension, which will typically be taxed. The options for withdrawing the rest of your pension include:

Taking all or part of it as cash.
Purchasing an annuity to provide a guaranteed income for life.
Investing it to receive a flexible, adjustable income (called 'flexi-access drawdown').
It's crucial to consider the tax implications of your pension withdrawals. While the initial 25% is tax-free, the remaining pension income is treated as earned income and subject to Income Tax under standard rules. Income tax also applies to the State Pension, earnings from employment or self-employment, and other taxable income.

📷 Andre Taissin on Unsplash

23/10/2024

The Tax-Free Childcare (TFC) scheme helps working families cover childcare costs with contributions to a TFC account, usable during school holidays. Available for parents of children under 11, eligibility ends on 1 September after the child’s 11th birthday, extending to 16 for those with disabilities.

The government contributes 25% to deposits—£2 for every £8 up to £10,000 annually per child, allowing savings of up to £2,000 (£4,000 for disabled children until age 17).

Qualifying parents include self-employed individuals, those on paid sick leave, and those on maternity, paternity, or adoption leave. To qualify, parents must work at least 16 hours weekly and earn at least the National Minimum Wage or Living Wage. Families with an annual income over £100,000 are ineligible.

📷 Tanaphong Toochinda on Unsplash

Address

Rugeley

Opening Hours

Monday	8am - 6pm
Tuesday	8am - 6pm
Wednesday	8am - 6pm
Thursday	8am - 6pm
Friday	8am - 6pm

Telephone

+441889597839

Website

https://jwlaccountancy.co.uk/

Alerts

Be the first to know and let us send you an email when JWL Accountancy Ltd posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to JWL Accountancy Ltd: