by Paul Whyatt | Jan 27, 2025 | Business Tax, Taxation
As announced in the Autumn Budget, the national minimum wage (NMW) and the national living wage (NLW) are set to increase from April 2025. The hourly rate will depend on the worker’s age and whether they are an apprentice. Age of workerHourly rate from 1 April...
by Paul Whyatt | Jun 11, 2024 | Business Tax, Personal Tax
The higher rate of capital gains tax (CGT) for residential property disposals was reduced from 28% to 24% from 6 April 2024. The lower rate remains at 18% for any gains that fall within an individual’s unused basic rate band. The annual exempt amount was lowered as...
by Paul Whyatt | May 31, 2024 | Business Tax, Personal Tax, Taxation
The reporting requirements for employers providing salary/wage advances to employees changed from 6 April 2024. HMRC concluded that regulations requiring multiple RTI returns from employers are burdensome and can result in PAYE coding or Universal Credit errors. From...
by Paul Whyatt | Mar 14, 2024 | Business Advice, Business Tax, Personal Tax, Taxation
The national living wage (NLW) will increase by 9.8% to £11.44 per hour from April 2024. The higher rate will also apply to 21 and 22-year-olds for the first time. The NLW currently applies to workers aged 23 and above and stands at £10.42 per hour. Workers under the...
by Paul Whyatt | Feb 22, 2024 | Business Advice, Business Tax, Personal Tax, Taxation
A simplification of the MTD ITSA processes is to be introduced in 2026 including no EOPS, cumulative submissions each quarter and restrictions for complex situations. Taxpayers with turnover over £50,000 will be brought into MTD ITSA from April 2026. The £50,000...
by Paul Whyatt | Feb 9, 2024 | Business Tax, News, Personal Tax
HMRC has updated its Employment Income Manual to bring the guidance on charging electric company cars at home in line with the legislation. Until now, the guidance in the Employment Income Manual (EIM23900) has contradicted the legislation in advising that...
