The Chancellor made his annual Spring Statement speech today, the key measures the Chancellor announced where: Increase in the National Insurance Primary Threshold for Class 1 NICs and the Lower Profits Limit for Class 4 NICs from 6 July 2022, aligning it with the equivalent income tax personal allowance which is set at £12,570 per Read more about Spring statement summary[…]
Here are some of the key points from the budget of 27 October 2021: National Living Wages (NLW) and National Minimum wage (NMW) NMW & NLW will increase from April 2021 as follows: 25 years and over increase from £8.91 to £9.50 per hour, an increase of 6.6%. 21 to 24 years old increase from Read more about Main points from the budget (27 October 2021)[…]
Yesterday the government announced tax changes to fund £12 billion a year to be spent on the NHS and social care across the UK. National Insurance contributions (NICs) will increase by 1.25% for one year only for employees, employers and the self-employed from April 2022. This will cover both Class 1 (employee and employer), Class 1A Read more about National Insurance contributions are to increase[…]
New company car advisory fuel rates have been published and took effect from 1 September 2021. The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on or Read more about Advisory fuel rates for company cars[…]
New company car advisory fuel rates have been published and took effect from 1 March 2021. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on Read more about Advisory fuel rates for company cars[…]
Here are some of the key points from the budget of 3 March 2021: Furlough and Self-employed grant extended until September. Universal Credit uplift of £20 to be extended for a further 6 months. Incentive payments of £3,000 for all new hires of any age. Business rates holiday will be extended until June. National insurance, Read more about Main points from the budget (3 March 2021)[…]
Such a simply question, you would think, however it produces a complicated answer. For this calculation, we have assumed the following: The director wants to preserves their entitlement to state benefits, and The director wants a salary which saves the most tax and national insurance. First of all let us look at preserving your entitlement Read more about As a director, what should I pay myself in 2021/22?[…]
From today (25 March 2020), businesses will be able to apply for a 3-month extension for filing their accounts. This joint initiative between the government and Companies House will mean businesses can prioritise managing the impact of Coronavirus. There are approximately 4.3 million businesses on the Companies House register, and all companies must submit their Read more about Companies to receive 3-month extension period to file accounts during COVID-19[…]
The situation for Covid-19 is changing quickly, this information will help keep you up to date with current government advice and guidance, helping you quickly get to the facts. The information below was last updated on 20 March 2020. The Chancellor has set out a package of temporary, timely and targeted measures to support public services, Read more about Covid-19 – Support for Businesses and Self-Employed[…]
Such a simply question, you would think, however it produces a complicated answer. For this calculation, we have assumed the following: The director wants to preserves their entitlement to state benefits, and The director wants a salary which saves the most tax and national insurance. First of all let us look at preserving your entitlement Read more about As a director, what should I pay myself in 2020/21?[…]