Accounting News And Articles

Chancellor Jeremy Hunt announced his Spring Budget in parliament yesterday, bringing us eagerly awaited tax cuts and increased allowances. In this blog post we are dissecting the highlights and implications of his decisions, and letting you know how all of this affects you! National Insurance The first major change made to National Insurance is the rate for employees (class 1) will be decreasing from 10% to 8% from April. This is expected to save workers on an average salary

Today (22nd November 2023) we have heard the Chancellor Jeremy Hunts's Autumn Budget. There was a lot that was announced in this and below are a few key points we feel you will want to know about. National Minimum Wage The National Minimum Wage (NMW) has been increased for all, with the most notable increase being to the National Living Wage (NLW). To start with, the NLW has increased by more than a pound to £11.44 per hour from April 2024. The current NLW is £10.42. Curre

Today Chancellor Rishi Sunak announced the Government's 2022 Spring Budget, which included various things that will affect businesses and individuals. We have summarised what you need to know below: Cutting fuel duty by 5p per litre The cut is in place from 6 pm on 23rd March 2022 The cut will last for the next 12 months Increasing Employment Allowance from £4,000 to £5,000 The employment allowance is a relief that eligible businesses can use to reduce the amount of Employer

Yesterday the Chancellor took to the house of commons to announce the Autumn Budget where he announced a significant increase in spending pledges! There was not a lot announced in regards to tax, but there were a few bits we would like to highlight for our clients. To start with, the National Living wage and minimum wage are rising across the board. The rates from April 2022 will be: ​ 23 and over 21 to 22 18 to 20 Under 18 Apprenctice Current rate £8.91 £8.36 £6.56 £4.62 £4.

It has been announced today (23/09/2021) that the planned rollout of MTD for Income Tax and Self-Assessment in April 2023 has been delayed until April 2024. I would assume that quite a few of our clients have not yet heard much about MTD ITSA and this is because we had decided not to talk to too many of our clients about this to date. The reason behind this is we did not want to start to worry any of our clients about this yet until we have figured out exactly who is affected

It has today been announced by the Prime Minister that National Insurance is going to rise by 1.25% which will take effect in April 2022. This is to address the funding crisis in health and social care. This is an increase in both employers and employees NI. From 2023 the NI increase will appear on employee's payslips as a separate Health & Social Care levy. You can see below how this will affect National Insurance Annual Salary Current yearly payment Additional yearly paymen