The Chancellor announced a UK wide, time-limited zero rate of VAT from April 2022 for the installation of energy saving materials. This will apply to installations such as rooftop solar panels. This is in addition to the extension of the VAT relief to include additional technologies and the removal of complex eligibility conditions.
Employers are able to claim the Employment Allowance which reduces their employer Class 1 NICs each year. In the Spring Statement, the Chancellor announced an increase from April 2022 of £1,000 for eligible employers to reduce their employer NICs by up to £5,000 per year. The allowance can be claimed against only one PAYE scheme, even […]
From April 2022, there will be a temporary increase in the rates of NICs payable for employees, employers and the self-employed as a transitional provision in readiness for the introduction of the Health and Social Care Levy from April 2023. With the increase to the thresholds announced in the Spring Statement, from 6 July 2022 employees […]
Increase in the National Insurance threshold and Lower Profit Limit Chancellor Rishi Sunak announced an increase in the annual National Insurance Primary Threshold and the Lower Profits Limit in his 2022 Spring Statement. Primary Class 1 contributions are paid by employees. To align the starting thresholds for income tax and National Insurance contributions (NICs) the threshold […]
The government have announced the rise in the National Minimum Wage and National Living Wage from April 2022. Please talk to us if you have any questions about your payroll. In full, the increases are: National Living Wage (23+) to increase from £8.91 to £9.50 National Minimum Wage (21-22) to increase from £8.36 to £9.18 […]
With the increases in National Insurance Contributions (NIC) from 6 April 2022 many employees and their employees are considering changing their entitlement to their contractual salary for either tax free benefits in kind such as additional contributions into their pension, or benefits in kind that have a low tax and NIC charge such as an […]
The government have announced that the Statutory Sick Pay Rebate Scheme will close on 17 March 2022. Employers and their agents will have until 24 March 2022 to submit any new claims for absence periods up to 17 March 2022, or to amend claims already submitted. Employers will no longer be able to claim back Statutory […]
The new tax year starts 6 April 2022, so there is still one month to consider your options, once we pass this date the majority of the tax planning options for Income Tax and Capital Gains Tax purposes will cease unless actioned before the 6 April. Do you fall into any of these categories? You […]
Date What’s Due 01/03 Corporation tax payment for year to 31/5/21 (unless quarterly instalments apply) 19/03 PAYE & NIC deductions, and CIS return and tax, for month to 5/03/22 (due 22/03 if you pay electronically) 01/04 Corporation tax payment for year to 30/6/22 (unless quarterly instalments apply) 05/04 End of 2021/22 and start of the […]
In response to the economic impact of the COVID-19 pandemic, the Chancellor reduced the rates of VAT for the leisure and hospitality sector to 5%. That reduced rate applied from 15 July 2020 until 30 September 2021 when the rate was increased to the current 12.5%. However, the rate is scheduled to revert to the […]
