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 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...
by Stephen H | Mar 19, 2025 | National Insurance, Off Payroll Working, PAYE, Tax
As of 6 April 2025 the government has changed the thresholds that define what a small company is. This is particularly important if you deal with off-payroll workers. From 6 April 2025, the government thresholds that determine if a company is classified as ‘small’...
by Stephen H | Oct 3, 2022 | Budget, Tax
The Government announced today that it is abandoning its plan to abolish the 45p rate of income tax for those who earn £150,000 per annum or more. It had been due to come into force on 6th April 2023, subject to parliamentary approval, but now it will not be put to...
