Monthly Archives: November 2023

Unsurprisingly, there were no changes to the rates and allowances for Income Tax purposes, VAT, Corporation Tax, Inheritance Tax and Capital Gains Tax. NIC charges for employees and the self-employed were eased and the Chancellor has bowed to lobbying by UK companies and has made the “full expensing” of main rate capital expenditure a permanent […]

You can check your National Insurance record online at GOV.UK to see: what you have paid, up to the start of the current tax year (6 April 2023); any National Insurance credits you have received; if gaps in contributions or credits mean some years do not count towards your State Pension (they are not ‘qualifying […]

The Chancellor of the Exchequer, Jeremy Hunt, has delivered his Autumn Statement to the House of Commons. The government continues to be faced with challenging economic conditions as the cost of living crisis continues to affect many families across the UK. The Chancellor, however, had some good news with inflation falling to 4.6% in October, […]

Employers usually have to pay employees through PAYE if they earn £123 or more a week (£533 a month or £6,396 a year). There is no requirement to pay self-employed workers through PAYE. HMRC’s guidance states that: As a general rule, someone is: employed if they work for you and do not have any of […]

There is a permanent easement in place for employers to report PAYE information in real time over the Christmas period. This can be for a number of reasons, for example, during the Christmas period the business may close meaning workers need to be paid earlier than normal. Employers that pay wages early over the Christmas […]

The second cost of living support payment of £300 is currently being processed. Most individuals receiving Department for Works & Pensions benefits will receive their payment of £300 between 31 October and 19 November. Recipients of Tax Credits should be paid between 10th and 19th of November. Who is eligible? Households on the following means-tested […]

British businesses could save up to £1 billion a year as the Government confirms plans to remove unnecessary and outdated bureaucracy following our exit from the EU. The Government has announced amendments to several retained EU laws to ensure UK regulations are brought up to date and tailored to the needs of businesses, freeing up […]

On the 22nd November, the Chancellor delivers his Autumn Statement 2023. Presumably, we should expect some give-aways as 2024 is an election year, although the real platform for potential easing of tax rates will probably be deferred until the Spring Budget 2024. Larger corporations have lobbied to make the “Full Expensing” of capital expenditure, i.e., […]

An unlikely organisation is promoting a way for its members to benefit from a claim for the Marriage Tax Allowance. For relevant couples, this can be worth £252 a year. Charlie Bethel, Chief Officer, UK Men’s Sheds, said: “If you have retired and your partner is still working, you may not realise that you could […]

Whether we like it or not, the countdown to Christmas has officially started. And that means you may be thinking about treating your staff with a Christmas gift or an office party. But before you get carried away, it is important to look at the tax implications to ensure you are not gifting the taxman. […]