by Stephen H | Apr 4, 2025 | National Insurance, Tax
Along with other changes, the approved percentage rate for electric vehicles (EV) is changing on the 6th April. The rate will rise 1 percentage point from 2% to 3% for the tax year 2025/26. This part of a series of stepped increases planned for the next few years,...
by Stephen H | Apr 3, 2025 | National Insurance, Tax Year
In order to mitigate some of the cost of the new rate of employer’s NI, the government has increased the amount that can be reclaimed from £5,000 to £10,500. The government also removed the £100,000 qualification cap, meaning all employers are now eligible to claim...
by Stephen H | Apr 2, 2025 | National Insurance, Tax Year
The new tax year is all but upon us so it’s the time of year where we need to be planning for the financial changes coming. The most significant impact for employers is, of course the changes to National Insurance. With 1.2 percentage point increase on the employers...
by Stephen H | Apr 1, 2025 | HMRC, Penalties, Tax, VAT
In an attempt to encourage prompt payment of taxes and enhance the consequences of late payment, HMRC have introduced a new penalty structure, but only for certain taxpayers initially. The government will increase late payment penalties imposed by schedule 26 to the...
by Stephen H | Mar 29, 2025 | Benefits, National Insurance, Tax
Following the government’s announcement earlier n March 2025, the Official Rate of Interest (ORI) will increase from 2.25% to 3.75% on 6 April 2025. The ORI is used to calculate the Income Tax charge on the benefit of employment-related loans (beneficial loans...
