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Budget 2024 – Higher HMRC interest rates on overdue tax
Budget 2024 – Higher HMRC interest rates on overdue tax As part of measures to clamp down on bad payers, the Chancellor advised that HMRC will have the power to hike up even further the rates of interest they charge. The current HMRC rate on late payment is 7.5%, which is 2.5% over the bank…
Read MoreBudget 2024 – National Living wage to rise by 6.7%
Budget 2024 – National Living wage to rise by 6.7% The Chancellor has confirmed in the budget the 2025 national living wage will rise which will ensure a pay rise for up to three million minimum wage workers as the hourly rate is increased in line with inflation giving a 6.7% increase. This significant rise…
Read MoreBudget 2024: In a tax raising Budget, the Chancellor has increased employers’ national insurance (NI) by 1.2% to 15% from April 2025
In a tax raising Budget, the Chancellor has increased employers’ national insurance (NI) by 1.2% to 15% from April 2025. As well as that, the secondary threshold will be cut from £9,100 to £5,000 which will see higher payments for employers as more staff become liable for NI payments. The rise in employers’ NI which…
Read MoreTrick or treat this Halloween!
Trick or treat this Halloween! Many people, especially children, love the thrill of being scared and startled by ghosts, witches, and vampires at Halloween. While many enjoy the fear and excitement associated with this horror-filled holiday, don’t let your taxes and financial future bring you a fright this Halloween. Let’s face our financial ghosts during…
Read MoreDividend tax expected to hit record £17.8bn this tax year
Dividend tax expected to hit record £17.8bn this tax year The number of people expected to pay dividend tax in the current tax year is likely to have doubled in just three years as the tax-free allowance is slashed. The Treasury has estimated it is set to raise nearly £18bn from dividend tax this year…
Read MoreThousands of working days lost due to late payments
Thousands of working days lost due to late payments The government has advised that they plan to clamp down on late payments which are costing small businesses up to £22,000 a year, which is leading to up to 50,000 business collapses annually. New legislation being considered will require ‘large’ businesses to include payment reporting in…
Read MoreCompanies House to start issuing fines
Companies House to start issuing fines Companies House will start issuing fines of up to £2,000 for ‘repeat offenders’ for those who fail to comply with registration rules as part of the continuing crackdown of the register. The new powers are a key part of the Economic Crime and Corporate Transparency Act 2023 (ECCT), which…
Read MoreCompanies House continues to tighten its belts
Companies House continues to tighten its belts Companies House is warning companies of the new penalties it is enforcing, although they have said they will ‘support businesses to comply with their legal obligations,’ such as aiding them in filing their confirmation statements on time. It will be those that ignore the warnings that will be…
Read MoreHMRC is changing the way employees can claim PAYE employment expenses
HMRC is changing the way employees can claim PAYE employment expenses From 14 October 2024, HMRC will be requiring employees to claim PAYE employment expenses using a P87 form, which means that you will need to provide supporting evidence to prove the eligibility of the expenses before the claim will be progressed. Employees can still claim this…
Read MoreHave you considered a Virtual Finance Director?
Have you considered a Virtual Finance Director? As businesses grow, Directors start to find they need a different skill set around them and that they need a ‘board room’ of ‘helpers’ that they didn’t need at the start of their journey. However, budgets may still be tight and as a business owner you need to…
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