Welcome to the August Tax Update. In this issue we take a look at the government’s Legislation Day’, HMRC’s Transformation Roadmap, what’s new in Making Tax Digital, proposed changes to Inheritance Tax, Class 2 NIC, and dates on the Accounting Horizon. LEGISLATION DAY 2025 – WHAT WAS PUBLISHED? On ‘Legislation…
Spring Statement 2025 On 26 March 2025, Chancellor Rachel Reeves presented her Spring Statement to parliament. Despite a backdrop of low economic growth and increasing government borrowing costs, the Chancellor remains committed to her ‘non-negotiable’ fiscal rules that aim to bring stability to the economy and security for working people.…
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…
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…
Employees with access to company cars often face a tax burden on the ‘benefit in kind’ of having a car at their disposal. However, where an employee has use of a ’pool car’, there is no taxable benefit and an entry is not required on form P11D. Furthermore, the employer…
The deadline – 6th July – for reporting expenses and benefits to HM Revenue & Customs (HMRC) is rapidly approaching. It’s important for all employers to understand their responsibilities regarding this crucial tax form. Whether you’re a seasoned business owner or new to the world of employment taxes, we’re here…
In the Spring Budget on 6th March, one of the headline announcements by Chancellor Jeremy Hunt was a the further reduction to National Insurance. In this ‘Insight’ we take a look at what this means for Employees, Employers and the Self-Employed, with a look at the new National Living Wage…
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…
Unlock an extra £3,600 in State Pension Did you know grandparents, aunts, uncles and other family members can claim extra National Insurance (NI) credits for helping care for children? These credits can add up to £3,600 per year on your state pension! Who qualifies? Parents who don’t live with the…
On 22nd November 2023, Chancellor Jeremy Hunt presented his Autumn Statement to Parliament. Headlines included generous National Insurance Contribution (NIC) cuts for workers and the self-employed and the ‘biggest permanent tax cut in modern British history for businesses’. Below, we summarise the Autumn Statement headlines and other measures announced. Please…