Don’t Miss These Key Dates for 2024/25 Benefits Reporting
Managing employee benefits and expenses can feel like navigating a maze, especially when it comes to reporting to HMRC. If you’ve provided any taxable expenses or benefits in the 2024/25 tax year, it’s crucial to hit the right deadlines—both for HMRC filings and for keeping your team informed. Even if you’ve payrolled benefits through real-time…
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Company‑Car Crunch Time: What the 2025–30 Tax Changes Mean for You
Thinking about taking a new company car or hanging on to the one you’ve got? Here’s the low‑down on how the tax rules are about to creep up over the next few years—and why your electric run‑about might not stay the bargain it looks today. First, a quick refresher. If you can use your company…
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What’s changing with National Insurance from April 2025? A quick, no-jargon rundown
Starting 6 April 2025, employers begin paying NI on an employee’s wages once those earnings hit £96 a week (that’s £417 a month or £5,000 a year). Because the threshold is dropping, some part-timers who used to fly under the radar will now cost their bosses NI. To make life tougher, the employer rate itself…
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Should we pay a dividend before the end of the tax year?
If you own a personal or family company, it’s worth reviewing your dividend strategy before the 2024/25 tax year concludes. In particular, you may want to decide whether paying a dividend ahead of 6 April 2025 could be to your advantage. In this case consider the following points: 1. Check Your Retained Profits Dividends can…
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The Autumn 2024 Budget introduced significant changes that will affect employer National Insurance contributions starting on 6 April 2025
1. Increase in Secondary Class 1 National Insurance Rate: Current Rate: Employers currently pay 13.8% in secondary Class 1 National Insurance contributions on employee earnings above the secondary threshold. New Rate: Starting 6 April 2025, this rate will rise by 1.2 percentage points, from 13.8% to 15%. This is a substantial increase that will impact…
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Autumn budget 2024: Key announcements
Promising not to increase taxes for ‘working people’, Chancellor Rachel Reeves today unveiled increases to capital gains tax and employer’s national insurance but unfroze the personal tax thresholds from 2028 in a Budget aimed at repairing the public finances. Below are details of some of the key announcements from today’s budget: Taxation and Business: £40bn…
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