My Latest Blogs
4th April 2024
A further cut in employee NI
A further cut in employee National Insurance (NI). Following rapidly on the heels of the 2% cut in employee National Insurance Contributions, the chancellor announced a second 2% cut to come into effect at the start of the new tax year. This means that a monthly paid employee earning £30,000 per year will see…
4th April 2024
National Living Wage +10%
The National Minimum Wage increase from April 2024 will be welcomed by many employees. The rise will take place from 1 April for the next pay reference period post increase. Perhaps the biggest change of all is the abolition of the 21–22-year-old band. Employees reaching the age of 21 will now enjoy a pay…
3rd April 2024
Mandatory Payrolling of Benefits from 2026
In 2016 the Government launched a trial scheme to payroll benefits. The purpose of this was to make declaring and paying tax on benefits easier in comparison to submitting annual P11D forms and also to provide HMRC with real time information. Due to the regulations HMRC put in place at the time, it’s fairly…
28th September 2023
Directors on payrolls: Statutory Maternity Pay (SMP)
Directors of companies are perfectly entitled to claim Statutory Maternity Pay (SMP). However, the director must have a contract of employment before they qualify for SMP. If they qualify for SMP, then the payment is calculated as it would be with any other employee. If the Director does not have a contract of employment, then…
26th September 2023
Student Loan Thresholds for 23-24 Tax year
A quick summary of the Student Loan Thresholds for 23-24 Tax year. The Department for Education (DoE) has confirmed the following changes for the next tax year: Plan 1 (student loans pre-2012) the threshold will rise to £24,990 Plan 2 (student loans post 2012) the threshold will rise to £27,295 Postgrad…
28th February 2023
HMRC: New advisory fuel rates
HMRC have released their latest Advisory Fuel Rates to be used from 1st March 2023. These rates should be used when you:- reimburse employees for business travel in their company cars need employees to repay the cost of fuel used for private travel You must not use these rates in any other circumstances.…
23rd June 2022
Changes to National Insurance
In April 2022 we saw Employee’s National Insurance Contributions increase by 1.25% from 12% to 13.25%, as part of the Governments Health and Social Care levy. Employer’s National insurance also increased from 13.8% to 15%. From April 2023, the health and social care levy will be paid separately to National Insurance and become a tax…
28th February 2022
New HMRC Advisory Fuel Rates
HMRC have released their latest Advisory Fuel Rates to be used from 1st March 2022. These rates should be used when you:- Reimburse employees for business travel in their company cars Need employees to repay the cost of fuel used for private travel Rates The advisory electricity rate for fully electric cars…
25th February 2021
HMRC Advisory Fuel Rates
HMRC have issued the new advisory fuel rates (AFR) which come into effect from 1st March 2021. They have increased by 1p per mile for petrol and diesel vehicles with engines of 1400-2000cc reflecting a small increase in fuel prices over the last quarter. The advisory electricity rate for fully electric cars remains…
17th September 2020
Fuel Rates From September 2020
HMRC have updated the latest company car advisory fuel rates. These rates apply from 1 September 2020. The guidance states that you can use either the previous or current rates, for up to one month from the date the new rules apply. The new rates per mile are below: Engine size Petrol LPG…