Payroll
National Insurance Contributions are up £5bn on same time last year!
National Insurance Contributions are up £5bn on same time last year! The overall National Insurance Contributions (NIC’s) take has increased by £11.76bn between April and June 2025, soaring to £209.6bn in just three months, with almost £5bn of this increase coming directly from employers’ NICs. Income tax, capital gains tax and NICs have accounted for…
Read MoreHMRC announces a digital PAYE system
HMRC announces a digital PAYE system Over 30 million workers across the UK will soon be able to access their taxes easier than before as HMRC unveils its PAYE service and announces around 50 measures to transform the UK’s tax and customs system. One of the first of the changes will be that taxpayers will…
Read MoreSpring Statement 2025 – High Income Child Benefit via PAYE from August 2025
Spring Statement 2025 – High Income Child Benefit via PAYE from August 2025 From August 2025, employed individuals earning over £60,000 and falling under high-income child benefit charge (HICBC) will be able to report their family’s child benefit payments through a new HMRC online service. Individuals will need to register with HMRC, and then they…
Read MoreThe importance of payroll forecasting as the employer NI increases loom!
The importance of payroll forecasting as the employer NI increases loom! With 6 April 2025 looming which is the start date for employer National Insurance contributions (NICs) to increase, working with your accountant is a crucial part of your plans to guide your business through the financial and operational implications. The rise in employer NICs…
Read MoreHigher Rate Tax Payers up 43% in the last 3 years
Higher Rate Tax Payers up 43% in the last 3 years In total 2.5m taxpayers will have to pay higher and additional rate tax for the first time, with the situation unlikely to improve before 2029 at the earliest, based on the latest freeze extension announced at the Budget. There will be 6.3m higher rate…
Read MoreMinimum wage graduates on overtime face paying student loan tax
Minimum wage graduates on overtime face paying student loan tax Due to rises in the minimum wage coming in April 2025, some graduates working non-graduate minimum wage jobs may be pulled into paying their student loans back after earning over the threshold. The current threshold depends on what type of student loan was taken out…
Read MoreNational Insurance increases from April 2025
National Insurance increases from April 2025 From April 2025, employers can expect to pay 60% more in National Insurance in the 2025-26 tax year due to National Insurance Contributions (NIC) rises announced at the last Budget. In 2024 an employer paid £1,617 for each full-time employee on minimum wage, this will increase to £2,583 from…
Read MorePAYE celebrates its 80th birthday!
PAYE celebrates its 80th birthday! It will be 80 years ago this year since the introduction of PAYE. When PAYE was introduced, it meant that tax was collected on a weekly and monthly basis rather than twice a year for anyone earning over £100! So, on 6 April 1944, PAYE was introduced to streamline the…
Read MoreTax Code changes in the Scottish Budget
Tax Code changes in the Scottish Budget The finance minister for the Scottish government, has set out her tax and spending plans for Scotland for 2025-26 with a commitment to a 3.5% rise in the two key tax thresholds, affecting the majority of taxpayers. The Scottish government advised that the decision to increase thresholds was…
Read MoreReal time reporting of Benefits in Kind from April 2026
Real time reporting of Benefits in Kind from April 2026 In last month’s budget, the government announced some updates to the January 2024 proposals, which need to be taken into account for the 2025-26 tax year. From April 2026 there will be a phased introduction of the new reporting requirements, where Employers will be required…
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