As the 2024/25 tax year has just ended, some self-employed individuals and partnerships will be starting to complete their tax return. There has been a change in the tax rules about how you disclose your accounting information to HMRC on your tax return. This article briefly explains the changes ...
This is a question we are seeing a lot, given tax credits have ended and the transition for many people, to universal credit, is complete.
From 6 April 2025, the pay threshold at which you must operate a Pay As You Earn (PAYE) scheme is dropping to £96 a week. This follows the reduction in the level at which employer National Insurance is paid from 2025/26. If you employ someone, you may need to register with HMRC for the first time ...
From 1 April 2025, the national minimum wage (NMW) for adults 21 and over will increase to £12.21. For many low paid workers, this may help with the increased cost of living. However for others, the pay rise may be less than expected, due to various interactions. Here we set out a few of the key ...
Tax credits are being replaced by universal credit. Most existing tax credit claimants have now moved to universal credit or pension credit. In line with previously announced plans, there will be no more tax credit awards after 5 April 2025. If you are still receiving tax credits, you may need to ...
About half of all employees might have been eligible for a tax refund for 2020/21 because of working from home during the coronavirus pandemic. If you were required to work from home during this time, and were not reimbursed for your expenses by your employer, there are two things to know: 1) The ...