by Paul Whyatt | Nov 3, 2022 | Business Advice, Business Tax, Taxation
As an employer you’ll soon need to implement the new NI rates. What actions should you take to ensure that your payroll software can cope? The 6 November is the date on which the new reduced NI rates apply. However, the new rates only apply when you run your payroll...
by Paul Whyatt | Nov 3, 2022 | Business Tax, Taxation
One of the few changes announced in the now notorious mini-budget was the reversal of the 1.25% increases in national insurance contribution rates, which were introduced from 6 April 2022. The rates of Class 1 NIC are taken back to the levels that were in place on 5...
by Paul Whyatt | Oct 10, 2022 | Business Advice, Business Tax, Personal Tax, Taxation
Many employers will advance modest loans to employees to meet upfront costs which they necessarily incur to enable them to work, such as the cost of a travel season ticket or a deposit for childcare costs. Such loans can also be provided to help towards other...
by Paul Whyatt | Oct 4, 2022 | Business Tax, News, Personal Tax, Taxation
In his recent mini-budget, the Chancellor said that he will abolish the hugely complicated off-payroll working rules from 6 April 2023. These rules require large businesses and public sector bodies to decide whether the contractors that they engage act as employees...
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 11, 2022 | News, Taxation
HMRC has been accused of imposing an unfair interest rate rise on late tax payments, while the rate paid when it refunds miscalculated and overpaid tax has remained frozen at just 0.5%. Interest on late payments increased from 2.75% to 3% following the Bank of...
