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Are you aware of how the April NIC increases will effect Directors’ salaries?   From 6th April 2025, increases in Class 1 Employer’s National Insurance will come into effect, with the following changes: Employer’s NIC rate increasing from 13.8% to 15%. The secondary threshold, above which employer’s NIC are due, reducing from £9,100 to £5,000.…

Those within the Creative Industries will likely be aware of the various corporation tax reliefs available. A frequent question amongst those in the industry is “do we qualify for the relief available?”.   HMRC have now released a new tool to check whether your Company qualifies for specific reliefs. This includes Theatre Tax Relief which…

The results are in. HMRC have released their 2025 Self Assessment facts and figures.   The 2025 Self Assessment facts and figures are as follows: 12,026,540 Self Assessment Tax Returns were issued to tax payers 10,887,810 expected tax returns were received by 31 January (90.5% of returns expected – down from 94.5% in 2024) an estimated…

Here’s what you need to know about the upcoming ID checks at Companies House. From Autumn 2025, Companies House will implement mandatory ID checks for directors and persons with significant control (PSCs) of UK companies. This initiative aims to enhance corporate transparency and combat fraud, addressing concerns over the misuse of corporate structures for criminal…

From 1 April 2025 changes to the National Living Wage (NLW) and National Minimum Wage (NMW) rate will come into effect.   These changes reflect a notable increase particularly for younger works, this is part of the government’s aim to extend the NLW to 18-year-olds in the future.   The NMW is the minimum pay…

If you can’t pay your Self Assessment tax bill that was due for payment on 31st January 2025 and need help, you should contact HMRC as soon as possible.   For Self Assessment, you may be able to set up a payment plan online. This will enable you to pay your Self Assessment tax bill in instalments without…

The HMRC “Nudge Unit”, previously called the Behavioural Insights Team, was a department within the Cabinet Office that was tasked with improving government services and saving money by employing a blend of behavioural economics and psychology.  An example of this in practice is the so-called “nudge” letters (referred to by HMRC as ‘one-to-many’ letters) HMRC…

Are you aware of the April 2025 tax changes for Double Cab Pick Ups with payloads exceeding 1 tonne?   The current treatment of Double Cab Pick Up trucks for capital allowance and benefit-in-kind (BIK) purposes, sees these vehicles treated as vans as opposed to cars, provided they have a payload exceeding 1 tonne. In…

As we approach another personal tax year end, we turn our thoughts to tax planning opportunities and actions that should be considered before 5 April. The list below is not exhaustive; however, it should provide some food for thought.   Pension Contributions Higher rate and additional rate tax can be saved on pension contributions. However,…

Have you checked your State Pension gaps?   State pension has changed for those who will reach State Pension age from 6th April 2016. This covers men born on or after 6th April 1951 and women born on or after 6th April 1953 who could be eligible for the new State Pension.   The new…