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National Insurance threshold increases
The Government is increasing the threshold at which workers start to pay National Insurance contributions (NICs) by £12,570 this month – the largest increase in a basic rate threshold. The increase in the threshold means workers can earn an extra £2,690 before having...
Recovery loan scheme comes to an end
The Government’s flagship Covid business recovery scheme officially came to an end late last month (30 June). The recovery loan scheme opened to applications on 6 April 2021 to help businesses cope with trade lost to the Covid pandemic. The scheme offered £1.06...
How do changes to NICs affect you?
Spring Statement changes come into effect. As you may have heard, there are changes happening to National Insurance contributions (NICs). From 6 July, the new thresholds will come into effect. But what does that mean for you? As a self-employed worker, you will...
Tax Diary August/September 2022
1 August 2022 – Due date for corporation tax due for the year ended 31 October 2021.
19 August 2022 – PAYE and NIC deductions due for month ended 5 August 2022. (If you pay your tax electronically
Tax credits renewal deadline reminder
31 July 2022 is the final day for families and individuals that receive tax credits to tell HMRC about any changes to their circumstances or income and to renew their tax credit. As in previous years,
Childcare top-up to cover summer activities
As the school holidays fast approach, many parents face having to organise extra school holiday childcare over the summer months. Working families can use the Tax-Free Childcare (TFC) scheme to help
Pensions triple lock to be reinstated
The triple lock guarantee on pensions that was suspended for the current 2022-23 tax year is to be restored from April 2023. In September 2021, the government announced that its triple lock guarantee
Tax if living abroad and selling UK home
One of the most often used and valuable of the Capital Gains Tax (CGT) exemptions arises on the sale of the family home. In general, there is no CGT to pay on a property that has been used as the main
Standards for tax agents
HMRC last published guidance on the standard for agents in January 2018 (updating the first set of standards published in February 2016). The standard applies to all tax agents who transact with HMRC
National Insurance for company directors
Directors are classed as employees and pay National Insurance on annual income from salary and bonuses that exceeds the Primary Threshold. The annual threshold is pro-rated this year following the
