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...
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 | Feb 23, 2025 | National Insurance
In the autumn statement the Government announced that the Veterans NI relief scheme will be extended until April 2026. However, there is research that shows that uptake is very low, so maybe it’s time to see if you can benefit. Find out what the benefits of the...
by Stephen H | Mar 1, 2023 | Living Wage, Pension
Today, the Living Wage Foundation launched a new voluntary standard for pension contributions. It follows research by the Resolution Foundation that four in five workers, rising to 95% among low paid workers, are not saving enough to receive a pension that will give...
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...
by Stephen H | Sep 23, 2022 | Budget, National Insurance
The Government has confirmed that the 1.25 point increase on the NI rate will be scrapped from 6th November 22 as part of a package of tax cuts designed to create growth in the economy. It has also been confirmed that the related Social Care Levy, due to come into...
