Nov 30, 2023 | Accounting, NI, Tax, Veterans
The biggest tax cuts announced by the Chancellor in his Autumn Statement were in NICs, where self-employed people will no longer pay Class 2 NICs at all from April 6, 2024. Class 4 NICs will be reduced from 9% to 8% from the same date. Class 1 employee NICs –... 
Oct 31, 2023 | Accounting, Cost of Living Crisis, Money
The cost-of-living crisis is hitting many of us hard, no matter how well off we might be. But there are many people who have money sitting in lost bank or building society accounts, pensions or investments who could reclaim it to help them meet their financial... 
Oct 31, 2023 | Accounting, Tax, Tax Avoidance
Thousands of people found themselves caught up in the IR35 tax avoidance problems, where freelancers who were earning through a limited company set up to deal with their income were deemed – retrospectively – by HMRC to have been involved in tax avoidance.... 
May 30, 2023 | Accounting, Salary, Work
Salary sacrifice is something you may have come across before but not fully understood. After all, why would anyone want to voluntarily give up some of their salary? The reality is that, in some instances, using salary sacrifice to get alternative benefits can reduce... 
Apr 27, 2023 | Accounting, PAYE, Tax, Work
Every employee working for a company has a Pay-As-You-Earn (PAYE) code which denotes how much tax you will pay in a year. If this code is incorrect, it could mean you are paying more or less tax than you should be, and may need to reclaim that money, or pay more.... 
Mar 30, 2023 | Accounting, Budget, Tax
Higher earners have been dealt a blow after the Chancellor changed the level at which the 45% additional rate of tax applies from £150,000 to £125,140. The move takes effect in the 2023/24 tax year and brings the threshold in line with the point at which...