Category: Employer

There was a significant uplift for families from 6 April as the annual entitlement for one child was raised. Additional child payments also increased. HMRC has announced that, from 6 April 2024, millions of UK families receiving Child Benefit will see their payments increase. In a move to support households, the Government has raised the … Continued

Fiscal drag raises tax burden for many. Following the recent Spring Budget, NI rates in the UK will decrease by 2%. Following the recent Spring Budget, National Insurance (NI) rates in the UK will decrease by two percentage points, reducing to 8% on earnings between £12,570 and £50,270, down from the current 10%. This change, … Continued

In a move to ease financial burdens on UK households, the Government has implemented a historic National Insurance (NI) cut, providing relief for 27 million taxpayers. As of Saturday, 6 January 2024, the main rate of National Insurance has been reduced by 2%, dropping from 12% to 10%. This reduction, exceeding 15%, equates to a … Continued

HMRC has published the latest advisory fuel rates (AFR) for company car users, which applies from the 1st December 2023. The rates for some petrol engines and all vehicles with diesel engines increased by 1p per mile. Meanwhile, LPG engine rates for 2000cc plus vehicles fell by 1p, while the advisory electricity rate (AER) for … Continued

HMRC has announced a major shift in tax procedures, exempting high earners with PAYE income exceeding £150,000 from self-assessment tax returns starting in the 2024/25 tax year.  This change, following the recent threshold increase from £100,000 to £150,000 for 2023/24, is expected to benefit approximately 338,000 taxpayers. While this move appears to streamline the process, … Continued

Real wages in June 2023 were higher than a year ago for the first time in 18 months, ending a pay squeeze across Britain. Wages grew by 7.8% in the three months to June, the fastest annual rate since records began in 2001, according to figures from the Office for National Statistics. Darren Morgan, ONS … Continued

HMRC has released guidance clarifying how it will phase in the abolition of the lifetime allowance (LTA) for pensions. As announced by Chancellor Jeremy Hunt in his Spring Budget 2023, the current £1,073,100 threshold on the LTA ended on 5 April. However, because the legislation is not included in the Spring Finance Bill 2023, the … Continued

The pension lifetime allowance (LTA), which limits the amount savers can contribute to their pensions without a tax charge, will be abolished, Chancellor Jeremy Hunt announced in his Spring Budget. Currently, people who save more than the current allowance level of £1,073,100 in their workplace pension scheme face a tax charge of either 25% or … Continued

The finance sector is making strides in female representation, according to a new report from the Women in Finance charter. The report shows that the proportion of women in senior management roles across charter signatories rose to 35% in 2022. Nearly three-quarters of the charter’s signatories increased female representation in senior management, while 6% maintained … Continued

The Government’s reversal of the National Insurance contribution (NICs) increase is now in effect as of 6 November. The majority of working people will begin receiving the 1.25% tax cut in their payslips from November onwards. The rise in NICs was introduced in April as part of the health and social care levy but was … Continued