National 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 MoreAnother reason to pay your tax on time!
Another reason to pay your tax on time! The Chartered Institute of Taxation (CIOT) is lobbying the government to address unfair tax rules as HMRC interest rates on late payments are due to rise by a further 1.5% in April to 9%, with no equivalent increase in interest on overpaid tax. The CIOT is urging…
Read MorePaying your self-assessment tax return – what do I need to consider?
Paying your self-assessment tax return – what do I need to consider? The deadline for paying your self-assessment tax bill is 31 January 2025 for the 2023/2024 tax year. If you have already paid your bill or you did not have any tax due, there is nothing else for you to do. Your Self-assessment personal…
Read MoreHMRC to replace Government Gateway accounts with One Login
HMRC to replace Government Gateway accounts with One Login The government is investing millions of pounds in a single login system for taxpayers and agents using online services with the launch of GOV.UK One Login. The new login service which will have two factor authentication and will be rolled out across all government web services…
Read MoreWith only 2 weeks to go until the self-assessment deadline on Friday 31 January, here are some tips for working on your tax return
With only 2 weeks to go until the self-assessment deadline on Friday 31 January, here are some tips for working on your tax return Whether you are an individual taxpayer or a sole trader, it is important to gather all the right information in advance of sending the information to your accountant for them to…
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 MoreApril 2025 – Changes to Company accounts thresholds
April 2025 – Changes to Company accounts thresholds The Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 have now been passed into legislation, which are designed to reduce reporting burdens on companies and address stakeholder concerns. The effective date is 6 April 2025 with transition measures to allow companies to compare prior years…
Read MoreClaims for R&D tax relief have slumped for SME’s
Claims for R&D tax relief have slumped for SME’s The amount paid out to SMEs in research & development (R&D) relief has been declining since 2021/22 as less companies have attempted to claim. Back in 2021-22 £4.7bn was claimed by SME’s with an estimated total of claims in the region of 74,000. Since then, the…
Read MoreHow did you spend your Christmas?
How did you spend your Christmas? On Christmas Day, an impressive 4,400 people filed their tax return. On Christmas Eve, another 23,730 filed their tax return… Then on Boxing Day another 11,930 decided to file their tax return, with over 1,100 filing between 4 and 5pm. This means that over these 3 days, HMRC received…
Read MoreRecord amount paid out in film and TV tax breaks
Record amount paid out in film and TV tax breaks As we all watch more films over the Christmas period than any other time of the year, it’s interesting to know how the arts are supported to provide our entertainment. In 2023 the most amount paid out in creatives tax relief ever was made with…
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