Rates from 1 April 2024 From 1 April 2024, the rate of Corporation Tax will continue to be 25% if a company’s profits exceed £250,000 a year. The small profits rate of 19% will apply where profits are no more than £50,000 a year. Where a company’s profits fall between £50,000 and £250,000 a year, […]

National Insurance Contributions (NICs) Like the main income tax bandings, employer and employee NIC thresholds are now also frozen until 5 April 2028. This broadly means that, in 2024/25, employers’ NIC will continue to apply at 13.8% to earnings in excess of £9,100 a year (£175 per week) and employees will pay at the reduced […]

The government continues to commit to a tax system that is easy for businesses and individuals to engage with, and where everyone pays their fair share. A ‘Tackling the Tax Gap’ package of measures has been announced, with plans to raise £5 billion of tax revenue over the next five years. The government is investing in […]

New measures will be introduced to strengthen HMRC’s data gathering powers. From 2025/26: Employers will be required to provide data on employee hours paid as part of their PAYE reporting; and Shareholders in owner-managed businesses will be required to include on their self-assessment tax return their percentage shareholding and dividend income from their company (separately […]

Date What’s Due 1/12/23 Corporation tax payment for the year to 28/2/23 (unless quarterly instalments apply) 19/12/23 Employer PAYE & NIC deductions, and CIS return and tax, for the month to 5/12/23 (due 22/12/23 if you pay electronically) 30/12/23 Submission of 2023/24 self-assessment return (if the taxpayer wants HMRC to collect the tax owed through […]