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Comments Off on Salary sacrifice could ‘dampen increased NICs costs’

Salary sacrifice could ‘dampen increased NICs costs’

Salary sacrifice could ‘dampen increased NICs costs’

Salary-sacrifice arrangements could help employees negate the National Insurance contributions (NICs) rise during 2022/23.  NICs will rise by 1.25% for employees, employers and the self-employed from April 2022 to fund the Government’s        new health and social care levy. In some scenarios, employees and employers can get around this by striking a salary … Continued

Comments Off on National Insurance and dividends tax rates to rise 1.25% in 2022/23

National Insurance and dividends tax rates to rise 1.25% in 2022/23

National Insurance and dividends tax rates to rise 1.25% in 2022/23

National Insurance contributions (NICs) and the three dividend tax rates will all increase 1.25% from April 2022 to pay for the social care system in England.  This social care package will be funded through a new UK-wide health and social care levy, which is expected to raise around £12 billion a year. The levy will … Continued

Comments Off on The rise of electric vehicles could create £30bn tax hole

The rise of electric vehicles could create £30bn tax hole

The rise of electric vehicles could create £30bn tax hole

The Government is being urged to introduce a new road-pricing system, because the increasing popularity of electric vehicles risks leaving a £30 billion hole in public finances each year.  Research submitted by the Tony Blair Institute for Global Change called for a new system, with options including charges based on emissions, vehicle weight and traffic … Continued

Comments Off on Government launches new trust registration service

Government launches new trust registration service

Government launches new trust registration service

Millions of trustees need to register details of their trusts before next autumn, following the launch of a new trust registration service.  The service was originally announced in draft form in 2017, at a time when it would only have applied to taxable-relevant trusts. Since then it has been expanded to include all UK-resident express … Continued

Comments Off on Curtain comes down on stamp duty land tax holiday

Curtain comes down on stamp duty land tax holiday

Curtain comes down on stamp duty land tax holiday

The stamp duty land tax holiday in England and Northern Ireland has come to an end, more than 14 months after it first came into effect.  The tax break saw most buyers who purchased residential homes for £500,000 or less pay no stamp duty land tax until 30 June 2021, although landlords still had to … Continued

Comments Off on Capital gains tax receipts climb 3% to record-high

Capital gains tax receipts climb 3% to record-high

Capital gains tax receipts climb 3% to record-high

HMRC collected a record of £9.9 billion from capital gains tax receipts in 2019/20, according to official statistics published last month.  The tax authority said this was 3% up on the previous tax year’s receipts, but the number of taxpayers paying tax on their gains fell 6% to around 265,000. Most of the liabilities collected … Continued

Comments Off on 1 in 5 UK employers consider making redundancies

1 in 5 UK employers consider making redundancies

1 in 5 UK employers consider making redundancies

A minority of UK employers could be about to cut jobs, due to the withdrawal of the furlough scheme and rising costs. The scheme, which has protected around 11.6 million jobs since the start of the pandemic, will close on 30 September 2021. The Government currently pays 60% of a furloughed worker’s wages and employers … Continued

Comments Off on National Insurance contributions rates ‘poised to increase’

National Insurance contributions rates ‘poised to increase’

National Insurance contributions rates ‘poised to increase’

The Government could be set to raise National Insurance contributions (NICs) by 1% for both employers and employees, a report has claimed.  The Times claimed senior ministers have agreed to increase rates to raise an extra £10 billion a year for the National Insurance Fund. This would initially be used to reduce NHS waiting lists, … Continued

Comments Off on Deadline approaches for fifth and final self-employed grant

Deadline approaches for fifth and final self-employed grant

Deadline approaches for fifth and final self-employed grant

The self-employed have until the end of the month to apply for the final grant available via the self-employed income support scheme (SEISS).  Everyone who is eligible for the last SEISS grant should have received a personal start date from HMRC in recent months. These gave self-employed taxpayers a date from which they can apply … Continued

Comments Off on Pensions tax traps catch out thousands more savers

Pensions tax traps catch out thousands more savers

Pensions tax traps catch out thousands more savers

The number of savers who breached the annual allowance and the lifetime allowance increased in 2018/19, according to government statistics. Figures from HMRC show 34,220 people reported saving more in their pension pots than the £40,000 annual allowance in 2018/19, triggering total tax charges worth £817 million. The amount of people who exceeded their annual … Continued