Today, Wednesday 6 March 2023, The Chancellor laid his ‘Budget for Long Term Growth’. Here are some of the key points from the budget: Income Tax No changes announced, a brief reminder of current position: Your personal allowance remains at £12,580. The point at which individuals pay the additional rate is still planed to be Read more about Budget summary – Wednesday 6 March 24[…]
The National Live in wage and the National Minimum Wages is set to rise in April 2023. Rates per hour depend on your age and whether you’re an apprentice – you must be at least school leaving age to get it. New rates, which come into effect from April 2023: Year from 23 and over Read more about National Minimum Wage and Live In Wage rates from April 2023[…]
On 17 November 2022, The Chancellor laid out three core priorities of stability, growth and public services in the Governments 3rd budget in as many months. Here are some of the key points from the budget: Income Tax The previously announced reduction of income tax from 20% to 19% from April 2023, has been postpone Read more about Budget summary – Thursday 17 November 22[…]
Update: 17 October 2022 This morning, Jeremy Hunt has scrapped nearly all tax cuts announced in last month’s mini-budget, which include removing a proposed cut to corporation tax and a deferred 1p cut to income tax. Here are some of the key points from the mini budget of 23 September 2022: National Insurance In September Read more about Mini budget summary – Friday 23 September 22[…]
Following on from the government announced on 7 September 2021 the new 1.25% Health and Social Care Levy to fund investment in the NHS, health and social care, will come into effect from 6 April 2022. The Levy is effectively introduced from April 2022 when the rate of National Insurance contributions for working age employees, Read more about Health and Social Care ― National Insurance Contribution increase[…]
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[…]
The government has ‘named and shamed’ 191 companies that have broken National Minimum Wage (NMW) laws. Following investigations by HMRC, the named firms have been fined for owing £2.1 million to over 34,000 workers. The breaches took place between 2011 and 2018. Named employers have since been made to pay back what they owed, and Read more about Employers ‘named and shamed’ for paying less than minimum wage[…]
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[…]
The Accounting Excellence awards which are now in their eleventh year saw a record number of entries, and despite this fierce competition we are delighted to have been shortlisted for such as prestigious award, Payroll Team of the Year. We’ve been providing payroll services to organisations for over 10 years and our experienced team currently support Read more about Nicholson & Co shortlisted for Payroll Team of the Year Award[…]