by Paul Whyatt | May 8, 2025 | Business Tax, Personal Tax, Taxation
With changes to employer’s National Insurance and the Employment Allowance, now is the time for businesses to review the most tax efficient mix of salary and dividends for directors. From 6 April 2025 the secondary Class 1 National Insurance threshold reduced from...
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 | May 24, 2024 | Personal Tax, Taxation
The threshold for earnings above which you have to pay back some or all of your child benefit increased from 6 April 2024 with a full overhaul of the regime promised in April 2026. Until 6 April 2024, if you or your partner received child benefit and your adjusted net...
by Paul Whyatt | Mar 14, 2024 | News, Personal Tax
Two new savings products have been announced, aimed at supporting growth of UK companies and encouraging a culture of saving. Individuals can currently deposit up to £20,000 each year into an individual savings account (ISA). This is a sensible move as any interest...
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...
