The new National Living Wage and National Minimum Wage rates will come into force from 1 April 2025. There are also changes to the National Insurance employers pay that take effect from 6 April. For many businesses, the April payroll will represent a sizeable step up in labour costs. As…
Happy New Year everyone! In this edition we take a look at getting ready for Making Tax Digital, the Corporate Tax Roadmap, Payrolling Benefits in Kind, an HMRC scam warning and upcoming dates on the accounting horizon. GET READY FOR MAKING TAX DIGITAL FOR INCOME TAX Prior to the Autumn…
‘Payrolling benefits in kind’ means that employee benefits in kind (eg. company cars and medical insurance) are reported to HMRC through the employer’s payroll. Employees’ tax codes are amended so that any income tax due on the benefits is paid throughout the tax year. If a benefit has been payrolled,…
If you have employees, it is important to note the significant changes that have been made in the Autumn Budget to both the National Minimum Wage and Employers’ National Insurance Contributions. These changes will mean increased costs for many employers from April 2025. In this Insight we take a look…
As HMRC intensifies its crackdown on National Minimum Wage (NMW) non-compliance, it’s vital to make sure you don’t fall foul of NMW laws. Compliance can have more complexities to it than many assume, and the risks of getting it wrong are significant. HMRC is focusing on SMEs It seems that…
What counts as a business journey for tax purposes? With COVID came the necessity for some employees to work remotely from home. Post-Pandemic, some employees have chosen to continue this hybrid working, whilst others have no choice as regional offices close down to help cut costs. HM Revenue and Customs…
In this ‘Insight’ we take a look at changes to the National Living Wage and National Insurance that come into effect in 2024. Are you getting National Living Wage payments right? Recently, the Government named and shamed 524 businesses for failing to pay the minimum wage to their staff. These…
What You Need To Know In response to the challenges posed by the COVID-19 pandemic, the Government introduced special provisions allowing those working from home to receive a tax-free allowance of £6 per week. This initiative provided significant relief to employees, enabling them to offset the additional costs associated with…
National Minimum Wage 2023 rate reminder for employers: Summer Staff All workers are legally entitled to be paid the National Minimum Wage (NMW). This includes temporary seasonal staff, who often work short-term contracts in bars, hotels, shops, and warehouses over the summer. The National Minimum Wage hourly rates from 1…
Welcome to the May 2023 Tax Update. In this issue we look at PAYE forms being submitted online, HMRC phasing out paper tax returns, Pensions and Estate Planning, and possible CIS reforms. 2022/23 P11D FORMS TO BE SUBMITTED ONLINE The deadline for filing the P11D forms to report benefits in…