Government to simplify collection of high income child benefit charge The Government is planning to collect the charge via PAYE instead of self-assessment. How will this work, and what does it mean for you? Ina recent announcement it was confirmed that changes will be made to simplify the collection/payment of the high income child benefit ... Read More
HMRC launches PAYE code tool HMRC has launched a new online tool to help you understand your PAYE code. What is it and how can you use it? For more help see our Payroll page Your tax code is what your employer or pension provider uses to deduct tax from your payments. When changes are ... Read More
HMRC encourages UK Trader Scheme users to take action by 31 July 2023 Any business using the UK Trader Scheme should already be aware that it will cease to exist from 30 September 2023. A new scheme will replace it, but action needs to be taken to ensure a smooth transition. What do you need ... Read More
Are you due an NI refund? There are good reasons for keeping a close eye on your NI contributions. For example, they are key to your entitlement to the state pension and other benefits. How can you identify and check if you’ve over or underpaid contributions? DIY NI review Whilst HMRC keeps a record of ... Read More
Director’s Loan accounts A director’s loan account (DLA) is simply a record of transactions between a director or shareholder and their company. An overdrawn DLA, that’s one where the director owes the company money, can result in special tax charges for the director and the company. In this Focus, we look at the rules governing ... Read More
Further rise in HMRC interest rates confirmed Following the 13th consecutive increase in the Bank of England (BoE) base rate, HMRC’s interest rates on overpaid or underpaid tax will also increase. What are they and when will they take effect? From 3 July 2023 the following rates will apply: From 11 July, the rates for ... Read More
Turn a tax trap into a tax-efficient golden handshake You’ve heard that £30,000 of any lump sum payment on termination of a job can be paid tax and NI free. Is that correct, and can this tax break be used to reward a long-standing employee who’s due to retire shortly? Termination pay or earnings? Tricky ... Read More
How to avoid a common mistake with mileage payments Several of your employees use their personally owned vehicles for work, for which you pay a mileage allowance at HMRC’s approved rates. But there’s a potential trap that could land you with a tax and NI bill. How can you avoid it? Mileage allowance You probably ... Read More
Meals for employees an especially valuable perk You’re considering providing free meals to your employees to help them with the rising cost of living. You’ll be able to buy in bulk and so access discounts not normally open to individual employees. How will HMRC view your plans? Food inflation While the headline rate of inflation ... Read More
The hidden inheritance tax on gifts | Dunhams News Blog The usual advice is that potential inheritance tax (IHT) payable on gifts starts reducing (tapering) once three years have elapsed, and after seven the gift is IHT free. However, the three-year deadline is often an illusion. Why? IHT planning The simplest way to reduce inheritance ... Read More
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