Paying PAYE
Paying PAYE HMRC have produced some useful notes regarding how to pay PAYE and the correct references to use. Please click here for further details.
Spring 2022 Budget – Key Points
Spring 2022 Budget – Key Points National Insurance for Employees From 6 July 2022 the national insurance contributions (NIC) class 1 primary threshold (PT) for employees will be aligned with the income tax personal allowance. The PT will be £242 per week from 6 July (currently £184 per week in 2020/21, rising to £190 per…
Some of the key Budget announcements
Some of the key Budget announcements, provided by Croner Taxwise, are detailed below. Annual Investment Allowance The annual investment allowance (AIA), which is currently set at £1m per annum, was due to fall to £200,000 from 1 January 2022. The Chancellor has announced that the temporary increase will be extended, with the AIA remaining at…
Super-Deduction Capital Allowances
Super-Deduction Capital Allowances From 1 April 2021 until 31 March 2023, companies investing in qualifying new plant and machinery assets will be able to claim: a 130% super-deduction capital allowance on qualifying plant and machinery investments a 50% first-year allowance for qualifying special rate assets The super-deduction will allow companies to cut their tax bill…
Benefits of Apprentices
Benefits of Apprentices Croner Taxwise have provided the following notes regarding the benefits of taking on apprentices. Apprentices working under a contract of apprenticeship have employee status (and additional protections) and are therefore entitled to receive the National Minimum Wage (NMW) at the appropriate rate for apprentices. This rate is lower in the first year…
National Insurance Increase
National insurance contributions and dividend tax rates will increase by 1.25 percentage points across the UK from April 2022 In a move that breaks the Conservative’s manifesto pledge on raising taxes, the Prime Minister has confirmed that rates of national insurance are to be increased to pay for the impact of the Coronavirus pandemic on…