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%...
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...
by Paul Whyatt | Jul 28, 2023 | Personal Tax, Taxation
Student loan repayments (SLR) are normally deducted under PAYE from employment income so many people incorrectly assume that SLR are not due on other ‘unearned income’ such as rent or pensions. SLR will in fact be payable where the unearned income exceeds...
