Benefits in Kind (BIK) cover a number of different perks or additional payments made by employers to their employees. They can include any of the following: Private Healthcare Loans Company cars Gym memberships And much more. The above are all taxable benefits, and it is an employer’s responsibility to ensure they are noted on a […]

The way in which Student Loans are repaid is changing and employers need to be prepared. Currently, graduates and students who have taken out student loans are required to repay their loan when they earn an annual salary of £27,295 or more, with repayments at a rate of nine per cent on any income earned […]

Changes to personal tax allowances and higher interest rates have seen a growing number of people being affected by fiscal drag. Fiscal drag is the phenomenon where taxpayers are pushed into higher tax brackets due to wage increases as they keep pace with inflation. With the UK Government freezing most tax bands until 2028, and […]

The Residence Nil Band Rate (RNRB) was introduced by the Government in 2017 and benefits families passing on their main property to a direct descendent. Since its introduction, millions of families around the UK have benefitted from its ability to minimise Inheritance Tax (IHT) bills. Will the RNRB mean paying less IHT? As of the […]

Residential landlords are the latest group to have been targeted in receiving ‘nudge’ letters from HM Revenue & Customs (HMRC). The letters are part of a targeted ‘nudge’ campaign from HMRC to remind landlords of their obligation to declare their full rental income. What is a ‘nudge’ letter HMRC has used what has become known […]

The High Income Child Benefit Charge (HICBC) was introduced in 2013 and was set up to charge tax on individuals claiming child benefits who were earning a yearly income in excess of £50,000. The tax charges equate to the following: One per cent of the total Child Benefit received for every £100 earned over £50,000 […]

As a business owner, determining the ideal salary for company directors can be tricky. Often, most directors will want to balance their salary and dividend payments to be as tax efficient as possible. The 2023/24 tax year presents an array of factors to consider, such as income tax thresholds, National Insurance contributions (NICS), and personal […]

A new ‘failure to prevent fraud’ offence is being introduced by the Government to encourage businesses to do more to deter offending, which will ultimately protect themselves, consumers, and other businesses. The new legislation, which is likely to come into force by the end of 2024, will make it easier to prosecute a large organisation […]

Chancellor Jeremy Hunt announced a partial reversal to the SME Research & Development (R&D) tax credit cuts in the recent Spring Budget after facing months of pressure. Startups had warned that the cuts, first announced last November in the Autumn Statement, would hinder growth for early-stage and research-intensive tech companies. The R&D tax credits and relief scheme […]

The abolition of the pensions Lifetime Allowance, (LTA) which was announced in the Spring Budget, releases people to save as much as they like into their schemes. Chancellor Jeremy Hunt abolished the allowance, which is the limit on how much people can build up in their pension pots over their lifetime while still benefiting from key […]