by Paul Whyatt | Feb 6, 2024 | News, Other Insights, Taxation
HMRC has set out its intention to collect data relating to trade sectors, locations, occupations, hours worked, shareholdings and dividends paid, and self-employed trading dates. Draft legislation has been released that provides for regulations to adjust the personal...
by Paul Whyatt | Jan 16, 2024 | Personal Tax, Taxation
The cash basis is to replace accruals for the self-employed as the standard tax reporting method for the tax year 2024-25 (first year of tax year accounting). From April 2024, as part of a move to simplify calculation of taxable profits for Making Tax Digital, all...
by Paul Whyatt | Jan 2, 2024 | Business Advice, Business Tax, Personal Tax, Taxation
The headline news from the Autumn Statement was the reduction of primary Class 1 and Class 4 NIC and the removal of compulsory Class 2 NIC. The main rate of primary Class 1 NIC paid by employees on earnings between £12,570 and £50,270 per year will be reduced from 12%...
by Paul Whyatt | Oct 19, 2023 | Other Insights, Personal Tax, Taxation
In families where child benefit is claimed, it is important that the individual or couple receiving the child benefit keeps a close eye on their income level. If the higher earner has income of more than £50,000, some or all of the child benefit received will need to...
by Paul Whyatt | Aug 29, 2023 | Personal Tax, Taxation
HMRC has given taxpayers an extra two years to plug any gaps in their NIC record from April 2006. The deadline for making voluntary contributions has been extended from 5 April 2023, as previously reported, until 5 April 2025. The deadline was first extended to 31...
