With the ever-increasing costs of childcare, a very attractive benefit provided by more and more employers is a creche or nursery for employees’ children. If correctly structured, this is a tax-free benefit and will help employers attract and retain staff. Larger employers may provide an on-site nursery but for smaller employers it is more common […]
The Government’s Tax-Free Childcare Accounts provide a 25% subsidy towards the cost of childcare. The account can be used to pay nursery fees, breakfast clubs, after school clubs and registered childminders. The scheme operates by topping up savings of up to £8,000 per child by 25%, potentially an extra £2,000 a year from the Government […]
It was originally proposed that from 2025/26, employers would be required to provide more detailed information on employee hours worked via real time information (RTI) PAYE reporting. It has now been announced that this additional information will not now need to be reported until 2026/27 at the earliest.
The table below sets out the HMRC advisory fuel rates from 1 September 2024. These are the suggested reimbursement rates for employees’ private mileage using their company car. Engine Size Petrol Diesel LPG 1400cc or less 13p (14p) 11p (11p) 1600cc or less 12p (13p) 1401cc to 2000cc 15p (16p) 13p (13p) 1601 to 2000cc […]
June saw a continued surge in the popularity of cash Individual Savings Accounts (ISAs) as savers deposited a staggering £3.4 billion into these tax-free accounts, according to the latest data from the Bank of England. This uptick in interest follows a record-breaking £4.2 billion funnelled into ISAs in May – the highest for the month […]
Date What’s Due 1 September Corporation tax for year to 30/11/23 unless pay by quarterly instalments 19 September PAYE & NIC deductions, and CIS return and tax, for month to 5/9/24 (due 22 September if you pay electronically) 1 October Corporation tax for year to 31/12/23 unless pay by quarterly instalments 5 October Deadline for […]
King Charles delivered his speech to Parliament last month following the election, setting out the priorities of the new Labour Government for the months ahead. The speech included 40 pieces of legislation that the Government plan to implement. To help you understand what the next five years may hold, here are the details of all […]
The first Budget of the new Labour Government has been announced to take place on 30 October 2024. Ahead of the budget, Chancellor Rachel Reeves has announced that spending cuts worth £13.5 billion will be required over the next two years. She explained that this was due to the scale of the previous Government’s overspending, […]
In a bid to ease the regulatory burden on businesses, new thresholds for classifying company sizes have been announced. This change, introduced by the previous Government, could allow around 132,000 businesses to skip mandatory audits. Under the current plans, which may be subject to change, companies will be able to benefit from the threshold changes […]
Recently, many pensioners received surprising news: a tax bill for the first time. This stems from HM Revenue & Customs (HMRC) decision to send letters to over 140,000 pensioners, who have taxable income but are not filing Self-Assessment. In total, 560,000 pensioners will receive letters, covering the 2023/24 tax year. Why is this happening? The […]
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