Spring Budget 2024
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The latest Budget was an important speech for the Chancellor, Jeremy Hunt, and his Government, as he laid out key measures likely to affect his party’s success at the ballot box later this year.
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Beware of fraudulent tax refund offers following Self-Assessment, warns TWP
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With over 11.5 million returns submitted by the 31 January deadline, Self-Assessment season has given rise to bogus rebate offers – with Surrey-based accountancy firm TWP warning that personal details and banking information could be at risk. HM Revenue & Customs (HMRC) has reported a steep increase in the number of suspicious activity reports it […]
Tax basis – Getting ready for the end of the transitional year
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Are you a sole trader or a member of a partnership? Here is what you need to know about the upcoming tax basis period reforms. HM Revenue & Customs (HMRC) is introducing changes to how it assesses and collects business taxes relating to the basis period. At the end of the 2023/24 financial year, these […]
Putting the brakes on excessive National Insurance payments through car allowances
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Businesses may be able to reclaim significant amounts of National Insurance Contributions (NICs) and plan for future savings because of a recent Tribunal ruling on how car allowances are taxed. Brought by Wilmott Dixon and Laing O’Rourke in their capacity as employers, the Tribunal upheld the firms’ argument that car allowance payments should qualify for […]
Please leave a message – HMRC dispute resolution hotline restricted to answerphone
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HM Revenue & Customs (HMRC) has made a significant change to the way that some taxpayers access its alternative dispute resolution (ADR) scheme. Where applicants for ADR could previously speak with a call handler, they will now be asked to leave a voicemail on the new 24-hour service. Available to anyone seeking to settle a […]
National Insurance credit scheme will be introduced to tackle child benefit gaps
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The Government plans to introduce new legislation to help parents who earn more money than others with their future pensions. In essence, if you did not claim child benefit because you earned over £50,000 when you had children, you will soon be able to claim National Insurance credits. These credits are important for getting the […]
Employee benefits and mandatory payroll reporting
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Starting in April 2026, UK employers will have to include the benefits they give to their employees, like company cars or health insurance, directly in their payroll. This means these benefits will be taxed through the payroll system, and not reported separately. This change is to make tax reporting easier for employers, but it also […]
UK company law is changing – Get ready now!
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There is a series of impending changes to UK company law as a result of the enactment of the Economic Crime and Corporate Transparency Act last year. These highly anticipated changes, expected to commence on 4 March 2024, subject to parliamentary schedules, will significantly impact the operation and compliance requirements of your company. Directors must […]
Navigating the financial landscape in 2024: Understanding the outlook for interest rates and inflation
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As we progress through 2024, the financial landscape continues to evolve, marked by recent fluctuations in the UK’s inflation rate. In December, inflation rose to four per cent, up from 3.9 per cent in November. This increase is attributed to various factors, including global conflicts and the resulting economic uncertainties. The UK’s inflation, driven in […]
Why channelling your NI cut into your pension may be a smart move
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The recent cut in National Insurance (NI) contributions presents millions of UK workers with a golden opportunity to boost their retirement savings. The drop from 12 per cent to 10 per cent in the main rate of NI contributions means that employees across the UK are seeing a noticeable increase in their pay packets. With […]
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