Coming into force from 1 January 2024, the Working Time Regulations, as amended by The Employment Rights (Amendment, Revocation and Transitional Provision) Regulations 2023, introduced reforms that simplify holiday pay and entitlements. Following Brexit, any European laws that were retained in the UK automatically expired on December 31 unless legislation was brought in to keep […]
Employers should be aware that all minimum wage rates increase on 1 April of each year. For 2024, these increases are substantial. The increases apply to all National Minimum Wage rates and the National Living Wage rate. Another change that comes with the new rates is that the National Living Wage is being extended to […]
HMRC recently launched a new campaign targeted at crypto investors as part of a crackdown on tax evasion. They have introduced a new disclosure and payment service for taxpayers to voluntarily disclose and pay any unpaid taxes associated with cryptoassets. Cryptoassets (also known as tokens or cryptocurrencies) include exchange tokens (for example, bitcoin), non-fungible tokens […]
Recent tax changes have made it even more important to consider whether it is best to trade as a limited company. We are regularly asked, ‘should I incorporate my business?’. The reality is that there is no easy answer. Each situation has to be judged individually. As well as the obvious issues of tax and […]
The table below sets out the HMRC advisory fuel rates from 1 December 2023. These are the suggested reimbursement rates for employees’ private mileage using their company car. Where the employer does not pay for any fuel for the company car, these are the amounts that can be reimbursed in respect of business journeys without […]
Date What’s Due 1 January Corporation tax for year to 31/3/2023 unless quarterly instalments apply. 19 January PAYE & NIC deductions, and CIS return and tax, for month to 5/1/24 (due 22/1 if you pay electronically). 31 January Deadline for filing 2022/23 self-assessment tax return online, paying your outstanding tax for 2022/23 and first […]
The chancellor’s announcement of a 2% cut in national insurance contributions (NICs) for employees applies to payments on or after 6 January 2024. That doesn’t allow much time to update payroll software, particularly with the Christmas holidays in between. Note that for employees other than directors, NIC is not calculated on a cumulative basis so, […]
Normally an individual’s payments into a pension scheme are limited to their relevant earnings in a given tax year. This restriction does not apply where the contributions are less than £3,600 gross, allowing parents and grandparents to make payments on behalf of children and grandchildren with limited income. Payments of £2,880 a year would attract […]
YEAR END INHERITANCE TAX PLANNING Many were expecting an announcement from the Chancellor in the Autumn Statement about cuts to, or the possible abolition of, inheritance tax (IHT). Maybe he is saving that for his Spring Budget, but in the meantime, it may be worth utilising the £3,000 gifts annual exemption for 2023/24 and, if […]
At this time of year, we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5 April. An obvious tax planning point would be to maximise your ISA allowances for the 2023/24 tax year (currently £20,000 each). You might also […]
