Increases to the National Living Wage (NLW) and National Minimum Wage (NMW) The Government has announced the rates of the National Living Wage (NLW) and National Minimum Wage (NMW) which will come into force from April 2023. Further details can be found at GOV.UK. HMRC are providing live webinars that are taking place throughout March, where…
Gaps in National Insurance record and State Pension Entitlement Those clients looking to take their state pensions in the foreseeable future should consider whether it is worth making additional contributions to fill any gaps in their contribution history. Check your record of contributions using the following HMRC checklist. Check your National Insurance record – GOV.UK…
VAT Notes for Construction Industry Businesses – VAT on the Domestic Reverse Charge and Common Zero-Rated Applications Domestic Reverse Charge This was introduced in April 2021 as an attempt to prevent VAT fraud in the construction industry. This introduced the concept of END USER as being important when accounting for VAT. Because building work often…
Autumn 2022 Budget Notes Below is a summary of some of the key points announced recently. Income Tax and National Insurance The current Income Tax and National Insurance thresholds are to be frozen at their current rates until April 2028. The additional rate Income Tax threshold, whereby income over £150,000 is currently taxed at 45%…
Preparing for the new tax year basis — Income Tax Self Assessment HMRC have provided the following notes regarding the change to the tax year basis: The rules HMRC uses to work out sole traders’ and partners’ profits for Income Tax in a Self Assessment return are changing for many businesses for 2023 to 2024 onwards. This…
Mini Budget (September 2022) – Key Points Below is a summary of some of the key changes, announced by the Chancellor today. Corporation Tax The planned increase in Corporation Tax to 25%, due to take place in April next year, has been scrapped and will therefore remain at 19%. See here for further details.…