Base rate cut
The Bank of England has cut its base interest rate again, this time lowering it from 5% to 4.75%. This is the second cut this year, following the reduction from 5.25% to 5% in August. With these drops, we are seeing the most significant rate reduction actions in recent years, and they will bring a […]
Consider the HMRC app
In an attempt to popularise the use of its app, HMRC is launching a new advertising campaign aimed in particular at 18 to 34 year olds. More than 1.7 million people are already using the HMRC app every month, which enables users to access services such as making a Child Benefit claim, finding their National Insurance number […]
Managing increase in Employers NIC
The upcoming increase in employer National Insurance Contributions (NICs) in the UK, set to rise from 13.8% to 15% from 6 April 2025, along with the reduction of the secondary threshold from £9,100 to £5,000, will significantly impact business costs. To mitigate these effects, employers can consider the following strategies: 1. Use the Enhanced Employment […]
Consequences of the NLW and NMW rate increases next year
The proposed increases to the UK National Minimum Wage (NMW) and National Living Wage (NLW) set for April 2025 are expected to impact employers and employees significantly. Here’s how various sectors might feel these changes: Financial Pressures on Employers: With the NLW expected to rise to approximately £12.21 for those over 21, and NMW […]
Government crack-down on late payers
The government has unveiled new measures to support small businesses and the self-employed by tackling the scourge of late payments, which according to the Smart Data Foundry is costing SMEs £22,000 a year on average and according to FSB research, leads to 50,000 business closures a year. The government will consult on tough new laws […]
Service tipping law now in force
New regulations that prohibit employers from withholding tips for employees in the hospitality, leisure, and services sectors took effect on 1 October 2024. This change follows the enactment of The Employment (Allocation of Tips) Act 2023, commonly referred to as the Tipping Act, along with the statutory Code of Practice on the fair and transparent […]
Take goods with you to sell abroad
There are specific customs requirements for commercial goods that you take with you to sell abroad. You must declare any goods intended for sale outside the UK, whether they are in your baggage or a private vehicle. The regulations for commercial goods or samples carried by passengers in their accompanied baggage are known as Merchandise […]
Crackdown on insurance fraud
Insurance companies have united to step up efforts to crack down on fraudsters seeking to manipulate the UK insurance market with bogus claims and duping innocent people into buying fake insurance policies. In 2023 alone, 84,400 fraudulent claims worth £1.1 billion were detected by the Association of British Insurers (ABI), a 16% increase in the number […]
Tax Diary November/December 2024
1 November 2024 – Due date for Corporation Tax due for the year ended 31 January 2024. 19 November 2024 – PAYE and NIC deductions due for month ended 5 November 2024. (If you pay your tax electronically the due date is 22 November 20244.) 19 November 2024 – Filing deadline for the CIS300 monthly […]
Budget summary 30 October 2024
The long awaited, much anticipated and dreaded first Budget of the new Labour government was delivered to Parliament today – 30 October 2024 – by the Chancellor, Rachel Reeves. We now know where the funds will come from to finance investment and growth, and the vaunted tax increases are no longer speculative, we have the […]
