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.
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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…
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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…
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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…
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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…
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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…
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Fourth Self-Employment Income Support Scheme Grant
Fourth Self-Employment Income Support Scheme Grant Eligibility for the fourth grant has now been updated to include the figures reported on the 2019/20 Tax Return. Money Saving Expert have provided some useful information on this, which can be found here.
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New IR35 Rules
From today (6th April 2021), all public sector clients and medium or large-sized private sector clients will be responsible for deciding their worker’s employment status. This includes some charities and third sector organisations. If the off-payroll working rules apply, your worker’s fees will be subject to Income Tax and National Insurance contributions. For further information…
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Domestic Reverse VAT Charge for Building and Construction Services
Domestic Reverse VAT Charge for Building and Construction Services Croner-i have provided the following notes regarding the new rules: Overview The domestic reverse charge (referred to as the reverse charge) is a major change to the way VAT is collected in the building and construction industry. It comes into effect on 1 March 2021 and…
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Taxation of the Self-Employment Income Support Scheme Grant (SEISS)
Taxation of the Self-Employment Income Support Scheme Grant (SEISS) All SEISS amounts received will be subject to income tax and National Insurance contributions and will need to be included on your Tax Return. Croner Taxwise have released some notes providing further detail on this, which we should suggest that you have a read through: https://www.cronertaxwise.com/community/my-vip-tax-team-question-of-the-week-taxation-of-seiss-grants/…
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