AAT students are reminded that the Finance Act will change from FA23 to FA24 from AAT assessments taken after 27 January 2025.
Top tutor. Training Link’s William Boardman said the change will affect Level 3 Tax Processes for Business (TPFB), Level 4 Personal Tax (PNTX), and Level 4 Business Tax (BNTX).
Boardman explained some of the key changes will be:
TPFB
VAT registration limit increased from £85,000 to £90,000.
VAT de-registration limit increased from £83,000 to £88,000.
Removal of penalty points now dependant on VAT return due date for businesses who haven’t reached the penalty threshold.
PNTA
Dividend allowance reduced from £1,000 to £500.
Class 1 NI reduced between £12,570 and £50,270 from 12% to 8%.
Capital gains AEA reduced from £6,000 to £3,000.
BNTA:
Class 2 NI contributions removed.
Class 4 NI contributions between £12,570 and £50,270 reduced from 9% to 6%.
Capital gains AEA reduced from £6,000 to £3,000.
Check out Will Boardman’s Back to Basic video on Tax Points – https://www.youtube.com/watch?v=7NTft0Td7oQ
