NIC cuts and what they mean for you
As widely predicted, in his 2024 Spring Budget, the Chancellor announced a 2% cut in the main rates of Class 1 and Class 4 National …
Understanding your tax code
Tax codes are fundamental to the operation of PAYE. If your tax code is correct, you should pay the right amount of tax on your …
Making use of your inheritance tax allowances
It is often said that inheritance tax (IHT) is a voluntary tax, and one that can be avoided if you give away sufficient assets at …
Dispose of assets before 6 April 2024 to take advantage of the higher annual exempt amount
Individuals making capital disposals do not pay capital gains tax if their net gains for the tax year (chargeable gains less allowable losses for the …
Check your National Insurance record
Paying National Insurance contributions allows individuals to earn qualifying years, which in turn provides them with entitlement to the state pension and certain contributory benefits. …
Selling online – When do you need to tell HMRC?
Earlier in the year, it was erroneously reported in the press that new tax rules were coming into force which would mean that anyone selling …
NMW from April 2024 – Make sure you comply
Employers must pay their workers at least the statutory minimum wage for their age. Depending on the age of the worker, they may be entitled …
Register to payroll benefits in kind
Employers can opt to deal with taxable benefits in kind through the payroll (known as ‘payrolling’) rather than reporting them to HMRC after the end …
Relevant motoring expenditure and NIC – Are you due a refund?
For tax purposes, where an employee uses their own car for work, mileage allowances can be paid tax-free up to the approved amount, which is …
Making pension contributions before 6 April 2024
As the end of the tax year approaches, it is prudent to review your pension contributions for the year and consider whether it is worth …
Extracting further profits in 2023/24
As the end of the tax year approaches, it is prudent for those operating their business as a personal or family company to review the …
Capital gains tax year-end planning
No one wants to pay more tax than they need to and, where possible, disposals should be timed to ensure that the best result is …
