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For the 24-25 tax year there will be 5 different student loan deduction rates. However, Plan 5 does not become due for payment until the 2026-27 tax year so can be discounted for now. The new rates show no change for Plan 2 and 3, but the thresholds for Plan 1 and 4 have been…

Yet again we have a tinkering of the rules regarding holiday pay in the seemingly forlorn hope for simplification. Basic holiday entitlement hasn’t changed. Employees are still entitled to 5.6 weeks holiday per annum and the changes apply to those workers who have no set hours or work irregular hours.   One little known aspect…

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…

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…

One of the areas we find that generates more enquiries than any other is the murky world of Maternity Pay and all associated areas such as paternity, adoption and shared parental leave. Paternity Leave is the easiest area to get to grips with: Statutory Paternity Pay (SPP) lasts for 2 weeks. The employee can take…

Here’s our quick overview of Freeports, what they are and what benefits they offer.   On 20 November 2023 the Government announced that the window to claim Freeport tax relief in England will be extended to September 2031. This is however conditional on the Freeport developing a satisfactory plan for Levelling Up, Housing and Communities.…

Annual Tax on Enveloped Dwellings (ATED) is an annual tax charge payable by companies, partnerships (with at least one corporate partner) and certain collective investment schemes that own UK Residential properties exceeding £500,000.   The annual chargeable period starts on 1 April each year and both a return should be submitted online to HMRC and…

Making Tax Digital for Income Tax will soon be upon us.   Over the past few years’ rents have been increasing and will continue to increase as inflation remains high. Many landlords will now be affected or will be coming close to the qualifying limits. With April 2026 fast approaching for those with qualifying income…

Did you know that there is finance available for start ups?   Starting in business can be an expensive task and a lot of businesses are not always aware of the funding that is available from the government to help with this.   Where to start The most popular is the government backed start up…

The recent Budget announcements will bring an end to the tax advantages afforded to the owners of Furnished Holiday Lettings (FHL) and set them apart from the owners of normal residential properties.   At present, qualifying FHL’s provide a number of tax advantages: Unrestricted tax relief for mortgage interest Entitlement to claim capital allowances, including…