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...
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...
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%...
