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…
Finance Bill 2023-24, which is currently making its way through Parliament, includes a clause that will change the Construction Industry Scheme (CIS) Gross Payment Status Tests from 6th April 2024. Having Gross Payment Status means that a subcontractor can receive gross payments from contractors, as opposed to payments that have…
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…
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…
The deadline for filing the P11D forms to report benefits in kind in respect of directors and employees for 2022/23 is 6th July 2023. Note, however, that the original and amended reports must now be made online and paper returns will be rejected. Forms P11D and P11D(b) returns must be…
Minimum wage rates increase from 1st April 2023 Employers should be aware that all minimum wage rates increase on 1st April of each year. This includes all National Minimum Wage rates and the National Living Wage rate. See the table below that shows the current minimum wage rates and new…
This month’s Tax Update focuses on the Government’s U-Turns from 23rd September’s plans in order to steady the financial markets.
This month’s Tax Update is understandably focused on the recent mini-budget announced by the Government to stimulate economic growth.