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National Living Wage increases in April 2024 From April 2024, there will be a 9.7% rise in the national living wage worth over £1,800 a year for a full-time worker. The hourly rate will increase from £10.42 to £11.44, the biggest increase in the national living wage in more than a decade. The eligibility for…

Payments on Account – Self Assessment Tax Returns With the deadline to file your self-assessment tax return looming – it’s important that you understand your self-assessment tax bill and particularly if you need to make ‘Payments on Account.’ So, what are ‘Payments on account?’ The easy answer is that they are advance payments towards your…

Changes to National Insurance contributions for the Self Employed from April 2024 In the 2023 Autumn Statement, The Chancellor abolished Class 2 National Insurance contributions (NICS) for self-employed workers and cut the rate of Class 4 NICs for the tax year starting April 2024. At the moment, self-employed workers pay £3.45 a week in Class…

Have you got more in your January 2024 pay? In the Autumn Statement, The Chancellor cut the rate of employee National Insurance by 2% to 10% which takes effect this January. The new 10% rate will come into play from 6 January 2024, meaning the average worker earning £35,400 a year will benefit from a…

Nearly 45,000 taxpayers sign up for HMRC Payment Plans As the deadline to submit self assessment tax returns gets closer, nearly 45,000 people have set up a payment plan for the tax that they owe with HMRC. Although getting close to 8 million self assessment tax returns which have already been filed for the 2022…

Selling online is changing – are you falling into the ‘tax trap?’ Digital platforms, such as eBay, Vinted and Airbnb, to name a few, will have to report ‘seller data’ to HMRC from January 2024 giving HMRC access to this information directly for the first time. Are you one of the millions of UK individuals…

Self Assessment Tax returns – less than 20 days to go! There are now less than 20 days left to file your Self Assessment Tax return for the tax year 22/23. The deadline remains as 31 December 2024 at midnight, and as soon as you pass the midnight hour, the first fine will be charged…

HMRC publishes 3 guides regarding IR35 guidance for employers HMRC has published 3 guides which clarify the tax status of The guidelines are aimed at organisations operating under the reformed off-payroll working rules (IR35) and with umbrella companies. The guides set out clearly what HMRC considers the ‘good and bad’ practices when preparing for and…

Did you spend Christmas day filing your personal tax return? With less than 30 days to file your Self Assessment tax return, it seems that some of the most popular days to do this – have already ‘been and gone.’ The number of people filing their Self Assessment tax returns on Christmas Day has shot…

Crypto Investors Warned to Disclose Unpaid Tax HMRC is encouraging crypto investors to voluntarily disclose unpaid tax going back four years on their cryptocurrency and non-fungible token (NFT) transactions. As well as paying any tax for the years in question, penalties and interest will be charged as usual on all unpaid tax. HMRC has provided…