This is where we keep you up to date with announcements by HMRC, share tips to help you save money and run your business.
Apprenticeship Levy This is used to fund apprenticeship training in England and is a cost to employers. There was no mention of changes; therefore, the following apply in the tax year 2024/25: - Levy Allowance (per employer) £15,000- Levy Charge 0.5% of the paybill Capital Gains Tax No mention was ...
Read moreCapital AllowancesA Corporation Tax 100% First Year Allowance was introduced in the Spring Budget for the period 01 April 2023 to 31 March 2026. Known as 'full expensing', this replaced the 130% super-deduction, which ended on 31 March 2023. In addition, a 50% first-year allowance was introduced for 'Special Rate' expenditure. So, there is: - Full expensing ...
Read moreThe Chancellor announced the 'pot for life' or portable pension pot, subject to another consultation. This is to address the many small pension pots that exist as workers move from job to job, leaving different unconsolidated pensions. Now, employers are obliged to automatically enrol workers into a scheme ...
Read moreOn 21 November 2023, the UK Government accepted the recommendations of the Low Pay Commission. The headline announcement is that the higher National Living Wage will be paid to those over 21 rather than 23 now. The following rates will apply from April 2024: RateFrom April 2023From April 2024 ££Adults (23+) aka the National ...
Read moreThe Requirement to File a Self-Assessment ReturnThe government will legislate so that individuals who only have PAYE income do not have to complete a tax return. Tax AvoidancePromoters of tax avoidance schemes will be subject to a new criminal offence, which will allow HMRC to bring disqualification action ...
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