High-income Child Benefit Charge via Paye
From August 2025 employed taxpayers will no longer be required to complete a self-assessment tax return (SATR) to declare and pay the high-income child benefit charge (HICBC). The HICBC is a tax charge paid by the higher earning parent which claws back up to 100%…
Self Assessment and Student Loan Repayment
From April 2026 most benefits in kind (BIKs) will have to be processed through the payroll and included on monthly payslips, with a potential knock-on effect for student loan repayments. The mandatory payrolling of BIKs will be implemented in phases, starting from April 2026. The…
Salary Vs Dividends: NIC Changes
With changes to employer’s National Insurance and the Employment Allowance, now is the time for businesses to review the most tax-efficient mix of salary and dividends for directors From 6 April 2025 the secondary Class 1 National Insurance threshold reduces from £9,100 to £5,000. At…
Making Tax Digital – Time to Prepare!
In just over a year the first tranche of sole traders and landlords will be required by law to keep digital records to comply with the requirements of Making Tax Digital for Income Tax (MTD IT) From April 2026, taxpayers with qualifying trading and property…
National Minimum Wage And Salary Sacrifice
The hourly rate will depend on the worker’s age and whether they are an apprentice. Age of workers Hourly rate from 1 April 2025 Hourly rate from 1 April 2024 21 and over (NLW) £12.21 £11.44 18 to 20 (NMW) £10.00 £8.60 Under 18 £7.55…
Eis and Vct Sunset Clause Extended
The sunset clause which was set to end the Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) scheme on 5 April 2025 has been extended for a further ten years. The schemes, which offer tax relief for individuals investing in qualifying small and medium-sized…
Evidence Needed to Claim Employment Expenses
HMRC has tightened up the process for claiming tax deductible employment expenses following a series of high-profile scandals If you incur job-related expenses of up to £2,500 which are not fully reimbursed by your employer you may be able to claim tax relief. For expenses…
Making Tax Digital Threshold Lowered
Many more sole traders and landlords will be required to comply with making tax digital (MTD) for income tax when the qualifying income threshold is reduced from £30,000 to £20,000 The Budget confirmed that taxpayers with qualifying income of £50,000 or more will be required…
Pensions to Lose Iht Exemption
At the Autumn Budget the Chancellor announced plans to remove the exemption which allows unused pension funds to be inherited tax free Currently, if a pension holder dies before the age of 75 their beneficiaries can generally inherit the remaining funds tax-free, whether as a…