HMRC have kindly reminded us – their online post of 23 October refers – that there are approximately 100 days (to 31 January 2025) to prepare and file a 2023-24 self-assessment (SA) tax return. In their post they say: “More than 3.5 million taxpayers have already beaten the clock and submitted their returns. HMRC is reminding others […]
Monthly Archives: October 2024
Employers’ NIC There is ongoing speculation about potential increases in employers’ National Insurance Contributions (NICs). While the government is under pressure to raise additional revenue to address fiscal challenges, increasing employer NICs has been floated as one option, particularly as the government has pledged not to raise income tax, VAT, or employees’ National Insurance for […]
From 1 October 2024, you can be reasonably sure that when you leave a tip or pay a service charge your largesse will benefit the establishment staff, not the business owners. The following update is reproduced from a news story released by the Department for Business and Trade. “From Tuesday 1st October, millions of hard […]
Key Performance Indicators (KPIs) are widely used across industries in the UK to measure success and performance. Here are some of the top KPIs commonly used in various sectors: 1. Financial KPIs: Revenue Growth: Measures the increase in sales or income over a specific period.Net Profit Margin: Percentage of revenue remaining after all expenses.Gross Profit […]
1 October 2024 – Due date for Corporation Tax due for the year ended 31 December 2023. 19 October 2024 – PAYE and NIC deductions due for month ended 5 October 2024. (If you pay your tax electronically the due date is 22 October 2024.) 19 October 2024 – Filing deadline for the CIS300 monthly […]
Most gifts made during a person’s lifetime are not subject to tax at the time of transfer. These gifts, known as “potentially exempt transfers” (PETs), can become fully exempt if the donor survives for more than seven years after making the gift. If the donor passes away within three years of the gift, the inheritance […]
You can typically claim tax relief on private pension contributions up to 100% of your annual earnings, subject to certain limits. Tax relief is applied at your highest rate of income tax, meaning: Basic rate taxpayers receive 20% pension tax reliefHigher rate taxpayers can claim 40% pension tax reliefAdditional rate taxpayers can claim 45% pension […]
HMRC together with the Department for Work and Pensions (DWP) have issued a press release urging tens of thousands of people to check if they are eligible to boost their State Pension utilising Home Responsibility Protection (HRP). This HRP scheme has helped protect parents’ and carers’ State Pension. HRP reduces the number of qualifying years a person […]
There are late filing penalties which are designed to encourage companies to file their accounts and reports on time. All companies, private and public, large or small, trading or non-trading must send their accounts to Companies House. A penalty is automatically imposed by Companies House if the accounts are late. The table of penalties for late […]
More than 670,000 18-22 year olds, yet to claim their Child Trust Fund, are reminded to cash in their stash as HM Revenue and Customs (HMRC) reveals the average savings pot is worth £2,212. Child Trust Funds are long term, tax-free savings accounts which were set up, with the government depositing £250, for every child […]
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