Latest News
Temporary Increase of National Insurance Contributions Reversed
As part of his Autumn Statement, Chancellor Jeremy Hunt announced a reversal of the temporary increase in National Insurance Contributions and the cancellation of the Health and Social Care Levy. Back in September 2021, the government published proposals for...
Temporary Annual Investment Allowance Made Permanent
The government has decided to make the £1,000,000 limit for the Annual Investment Allowance permanent, eliminating plans to reduce it to £200,000 in April 2023. The Annual Investment Allowance (AIA) means that businesses can claim capital allowances on items that they...
Increased corporation tax rate confirmed to go ahead in April 2023
Despite previous decisions to cancel the increase, it has been confirmed that the main rate of corporation tax will go up to 25%. In the September mini budget, ex-Chancellor Kwasi Kwarteng had announced that the increase in the rate of corporation tax for a lot of...
Additional income tax rate threshold reduced in Autumn Statement
Last week, Jeremy Hunt announced upcoming changes to income tax, most notably a reduction of the threshold at which people are required to pay the additional income tax. When Chancellor Jeremy Hunt delivered his long-anticipated Autumn Statement to MPs in the House of...
Are you correctly reporting employee benefits?
With the P11D deadline approaching on the 6th of July, here are a few things to consider. If you provide certain benefits (and/or expenses) to your employees, you must know that these may be subject to Class 1A NIC and tax. This also applies if you are receiving...
The Bank of England increases its base rate to 1%
HMRC interest rates for late payments will be revised following the Bank of England interest rate rise to 1%. The new rates are set to affect those who make late payments on NIC, Income Tax, CGT, Inheritance Tax and stamp duty. The Bank of England has increased their...
Scam Warning: Cold callers target vulnerable households.
In February 2022, Chancellor Rishi Sunak announced that the government would be giving people a £150 council tax rebate in April. The government introduced the rebate in response to the energy bill crisis, potentially putting many vulnerable homes into debt. This...
Qualifying households can expect a £150 council tax rebate.
Households in England in tax bands A-D should expect a £150 rebate. At the start of the year, the government announced a national council tax rebate that would help individuals pay for their energy bills during a time when the energy prices have risen due to inflation...
Have you double-checked your tax code?
Money-saving expert and journalist Martin Lewis has warned the British public that they should check their tax code is correct or risk losing a significant amount of money. Due to the rise of NIC, employers are seeing an increase in the amount of what they pay in...
Income Tax to bring £13bn into the British economy
Back in 2021, Chancellor Sunak announced in his budget that income tax personal allowance and the higher rate threshold would remain frozen for four years - from 2022/23 until 2025/26. As previously announced, the Income-tax increased to £12,570 for 2021/22 and has...
