by Paul Whyatt | Jul 5, 2022 | Business Tax, Personal Tax, Taxation
The rates for national insurance contributions (NIC) increased by 1.25 percentage points for everyone on 6 April 2022. From 6 July, the NIC starting threshold will rise to £12,570 per year (£1,048 per month) for employees. This means that some lower paid employees...
by Paul Whyatt | Mar 1, 2022 | News, Personal Tax, Taxation
Several high profile TV presenters have been under the spotlight in respect of whether IR35 applies to their working arrangements. The latest of these resulted in a loss for HMRC. So what can we learn from this case? Rejecting HMRC’s assertions that IR35 applies...
by Paul Whyatt | Feb 23, 2022 | Business Advice, Personal Tax, Taxation
Personal tax rates have been held steady for a few years, so it made no difference whether you extracted funds from your company in one tax year or the next. This is no longer the case as on 6 April 2022 the tax payable on dividends and the national insurance...
by Paul Whyatt | Jan 7, 2022 | Personal Tax, Taxation
Late filing and late payment penalties are to be waived for one month for Self Assessment taxpayers. Please read carefully for details ……The standard deadline for individuals filing a tax return is 31 January. Failure to meet this deadline usually means a £100...
by Paul Whyatt | Nov 5, 2021 | Business Advice, Personal Tax
Two areas in the public sector that need additional funding are the NHS and social care. To pay for these services, the Government is raising a new tax: the health and social care (HSC) levy. This will be charged at 1.25% of income or profits for the employed and...
by Paul Whyatt | Nov 5, 2021 | Business Advice, News, Personal Tax
Many employed and self- employed people claim Universal Credit as they have low or unpredictable levels of income. It provides a much-needed top-up to their earnings but the benefit is reduced as the worker earns more due to the Universal Credit taper rate. Currently...
