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 | 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 | 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 | 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...
