Latest News
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...
State Pension increases 7.4% thanks to triple lock by Chancellor
On Wednesday, 23rd of March 2022, Chancellor Sunak confirmed to the treasury committee that the pension triple lock will apply until 2023/24. This will see an increase of approximately 7.4% based on the expected Consumer Price Index (CPI) level for this September. In...
HMRC announces the rise of child benefits
HMRC have confirmed that the new rates for child benefits are set to increase at the start of April 2022. HMRC have announced their new Child Benefits rate, which, starting April 2022, will have risen. Child benefits are eligible for parents who are bringing up a...
20% VAT Hospitality Tax increase
From the 1st of April, hospitality tax VAT returns to its standard rate - of 20% Since July 2020, hospitality tax was decreased to 12.5% to recover from the impact of the Covid-19 pandemic. This gave businesses the chance to become financially stable after the...
