This author has yet to write their bio.Meanwhile lets just say that we are proud Tracy Keeble contributed a whooping 202 entries.
The changes from 1st April 2024 Employers are required to pay workers at least the National Living Wage (NLW) or National Minimum Wage (NMW) for their age. The rates are increased from 1st April 2024. The NLW is extended to workers aged 21 and above from that date. Key dates Employers must pay workers the […]
With an election looming, Chancellor, Jeremy Hunt, delivered his Spring Budget on 6th March 2024, billing it as a ‘Budget for growth’. As widely predicted, there were further changes and cuts to National Insurance, taking effect from the 2024/25 tax year. Other headline measures included the abolition of the furnished holiday lettings tax regime from […]
The Economic Crime and Corporate Transparency Act 2023 introduced significant Companies House reforms. These include new rules for registered offices, a requirement to provide a registered email address, and the need to make a statement of lawful purposes. These changes come into effect from 4th March 2024. Key dates The new rules concerning registered office […]
HMRC’s latest one-to-many letter targets company owners who they believe may have failed to declare dividend income. The letters have been sent where the company accounts show a large drop in reserves, but the shareholders have failed to declare dividend income on their personal tax returns. Key dates Dividend income should be shown on the […]
As the end of the 2023/24 tax year approaches, it is prudent to review your tax affairs and consider whether you can reduce your tax bill by taking advantage of allowances and exemptions that would otherwise be wasted. Key dates For individuals, the 2023/24 tax year ends on 5 April 2024.You may be able to […]
If you run a family or personal company, you will need to consider how best to extract profits from your company. There are various ways in which you can do this. A traditional tax-efficient approach is to take a small salary and extract any further profits as dividends. However, you can also extract profits in […]
Mileage payments may be made to employees who use their cars for business travel. The payments can be paid free of tax and National Insurance up to certain limits. However, the tax and National Insurance rules work in different ways. Following a recent decision, fixed-sum car allowances may now benefit from the National Insurance disregard, […]
If you operate your business as a personal or family company, you will need to extract profits if you want to use them to meet personal expenditures. This update considers some of the various ways in which this can be done. If you need to extract more than £50,270 in 2023/24, is it worth taking […]
31st January 2024 deadline looming If you need to file a Self-Assessment tax return for 2022/23 and you have not already done so, you will need to file your return online by midnight on 31st January 2024 to avoid an automatic late filing penalty. Any tax owing for 2022/23 must be paid by the same […]
Taxpayers must undertake various tasks, such as filing returns and paying tax, by certain dates. If these deadlines are missed, HMRC may charge late filing and late payment penalties. Interest is also charged on tax paid late. Key dates The key dates in January 2024 are 1st January for corporation tax payments, 7th January for […]
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