Source: HMRC At the Autumn Budget 2024, the government announced changes to the main rates of Capital Gains Tax (CGT). For the 2024 to 2025 tax year individuals, trustees and personal representatives will need to take additional steps to calculate their CGT if they made disposals on or after 30 October 2024. This excludes: · Residential property · Business
Source: HMRC For those employers who do not yet payroll, the deadline for reporting P11D(b) Class 1A National Insurance contributions, P11D expenses, and benefits in kind provided in the 2024 to 2025 tax year, is 6 July 2025. Your P11Ds and P11D(b) must be filed online and at the same time. Late submission may result in
Source: HMRC Changes to employer National Insurance took effect on 6 April 2025. The threshold changes mean that some employers are now liable to pay employers’ National Insurance and required to report their employee pay and deductions to HMRC for the first time. The changes will usually have been incorporated into existing payroll software for
The new student loan plan and postgraduate loan thresholds and rates from 6 April 2025 are as follows: · plan 1: £26,065 · plan 2: £28,470 · plan 4: £32,745 · postgraduate loan: £21,000 Deductions for: · plans 1, 2 and 4 remain at 9% for any earnings above the respective thresholds · postgraduate loan
Source: HMRC National Minimum Wage (NMW) and National Living Wage (NLW) are the lowest rates of pay per hour that most workers must be paid by law. It does not matter how many workers you employ, you must pay at least NMW or NLW. Rates increase on 1 April each year. This means employers need to use the new
Source: HMRC Use these rates and thresholds when you operate your payroll or provide expenses and benefits to your employees. Top of Form Bottom of Form Unless otherwise stated, the following figures apply from 6 April 2025 to 5 April 2026. PAYE tax and Class 1 National Insurance contributions You normally operate PAYE as part of
Source: HMRC Use a checklist to decide if a suspicious contact is a scam and not a genuine phone call, text message (SMS) or email. Check what to look for first Use the following checklist to decide if the contact you’ve received is a scam. You can use it for phone calls, emails and text
As of today you are able to file your 2024-25 Self-Assessment Tax Return. Although you have until 31st October 2020 to file a paper return and 31st January 2026 if you plan to file online, there are notable advantages of filing early: · If you file your return early you have the advantage of knowing your
Go Paperless with the HMRC App www.gov.uk/hmrc/app
Source: HMRC Use a checklist to decide if a suspicious contact is a scam and not a genuine phone call, text message (SMS) or email. Check what to look for first Use the following checklist to decide if the contact you’ve received is a scam. You can use it for phone calls, emails and text
Despite a lot of delay this is finally happening and is the biggest shake up of the tax system since self assessment was introduced. The new system will be brought in in stages. The first stage will be 5th April 2026 and will affect all clients with self-employed Gross turnover and/or rental income of £50,000
Source: HMRC From April 2024, if you are self-employed or in a trading partnership, you have to report your profits on a tax year basis. Although businesses remain free to choose their accounting date and can prepare accounts to any date in the year, if they do not do so to a period between 31
Source: HMRC Following the Government’s Autumn Budget 2024 announcements, HMRC has published new guidance regarding a change in the interpretation of how double cab pickup (DCPU) vehicles should be classified for car benefit, capital allowances and some deductions from business profits purposes. The current treatment of DCPU vehicles as outlined in Employment Income Manual (EIM23150) was adopted from 2002
Source: HMRC In this month’s edition of the Employer Bulletin there are important updates and information on: PAYE end of year reporting employers PAYE and Construction Industry Scheme repayments basic PAYE Tools — new release electronic payment deadline falls on a weekend payrolling employees’ benefits and expenses reporting expenses and benefits for the tax year ending 5 April 2025
In February and March 2025 the electronic payment deadlines fall on Saturday 22 February 2025 and Saturday 22 March 2025 respectively. To make sure your payment for these months reaches us on time, you need to have funds cleared into HMRC’s account by 21 February 2025 and 21 March 2025, unless you are able to
The National Minimum Wage (NMW) is more than just a pay rate, it’s a calculation. The main reason why so many companies accidentally underpay their workers is because they do not know about the calculation. Part of this calculation revolves around working time. What is working time for NMW purposes? The answer may surprise you.
HMRC aims to become one of the most digitally advanced tax administrations globally, with MTD being a key programme to make tax management easier for individuals and businesses. The phased approach for income tax includes: 2026 for those with combined income over £50,000. 2027 for those with combined income over £30,000. 2029 for those with
Source: HMRC The apprentice rate is the lowest rate of pay you can pay someone for National Minimum Wage purposes. Being the lowest pay rate, there is specific criteria that needs to be met for employers to pay it. National Minimum Wage – apprentices and associated risks HMRC’s National Minimum Wage team are offering
https://www.gov.uk/guidance/download-the-hmrc-app
How to identify HMRC related scams https://www.gov.uk/guidance/identify-hmrc-related-scam-phone-calls-emails-and-text-messages Being a director https://www.gov.uk/guidance/being-a-company-director Running a limited company https://www.gov.uk/running-a-limited-company Tax on dividends https://www.gov.uk/tax-on-dividends National Insurance for company directors https://www.gov.uk/employee-directors Employee’s (primary) Class 1 NI rates https://www.gov.uk/government/publications/autumn-statement-2023-overview-of-tax-legislation-and-rates-ootlar/annex-a-rates-and-allowances National Insurance guidance for directors CA44: National Insurance for company directors – GOV.UK (www.gov.uk) Understanding off-payroll working (IR35) https://www.gov.uk/guidance/understanding-off-payroll-working
Source: Insight-Analysis Please find the link below, which explains the future changes to non-dom status. https://acrobat.adobe.com/id/urn:aaid:sc:EU:3829aead-f1ee-4825-9c01-04e520037e3d
Source: HMRC Department for Education announced the new student loan plan type and postgraduate loan thresholds and rates from 6 April 2025: plan 1 — £26,065 plan 2 — £28,470 plan 4 — £32,745 postgraduate loan — £21,000 Deductions for: plan type 1, 2 and 4 remain at 9% for any earnings above the respective
Source HMRC Employer National Insurance contributions and Employment Allowance changes announced at Autumn Budget 2024 At Autumn Budget 2024, the government announced changes to employer National Insurance contributions (NICs). The changes that will take effect from 6 April 2025 are: a reduction in the NICs secondary threshold an increase to the rate of secondary Class 1 NICs an
We are conducting a random compliance review of VAT accounts to maintain the integrity of our processes. Your account has been selected for this review. Please ensure all VAT details are accurate and provide any missing information at your earliest convenience. If you require help, our team is ready to support you. If you do
There are significant changes coming into force in April 2025 for FURNISHED HOLIDAY LETS this useful download from OPTIMISE will give you more information Furnished Holiday Lets Tax Regime – FHL Changes 2025