Here’s what you need to know following the announcement of the National Insurance Rise and the Autumn Budget as we look towards the New Tax Year. Personal Allowance: There is no change to the Personal Allowance and, therefore, unless you are issued with an amended tax notification for one of your employees, the standard tax code remains at 1257L. Additionally, the base rate will remain at £50,270 and there are no changes to the higher rate. Also remaining frozen in the new ta

From the 1st April 2022, the Plastic Packaging Tax comes into force in the UK. Companies who import or produce packaging made primarily of virgin plastics (less than 30% recycled) will be required to pay the tax. Aside from any exemptions, the rate of taxation on chargeable plastic packaging will be £200 for every metric tonne of virgin plastic packaging imported or manufactured. It has been stated that this tax will implemented in order to change behaviour around use of plas

From today the Government is scrapping the Plan B Covid-19 measures in England which were put in place before Christmas to tackle the spread of the Omicron variant. This means that masks will no longer be mandatory in any setting (although the advice remains to wear them when in close proximity to others) and the work from home mandate has now ended and employers may ask staff to return to their place of work full time. In addition to this, the self-isolation period following

DON'T PANIC! Taxpayers have the option to set up a self-serve time to pay agreement online if they are not in a position to pay their self-assessment tax bill on time (31st January 2022). The limit for a self-serve time to pay arrangement was raised during the pandemic to £30,000 tax due and this looks set to remain. To be eligible you must · Have filed your tax return for 2020/2021 · Owe less than £30,000 · Be within 60 days of payment deadline ·

As outlined by Rishi Sunak in the October budget, the hourly National Living Wage for people over the age of 23 will rise from the current rate of £8.91 to £9.50 on 1st April. The National Minimum Wage for people aged 21-22 will rise from £8.36 to £9.18 and, for those aged 18-20, it will rise from £6.56 to £6.83. For under 18s, the National Minimum wage will rise from £4.62 to £4.81 and the Apprentice Rate (for apprentices under 19 or in the first year of their apprenticeship

In light of the current state of the world, it is, perhaps, more likely than ever that your company has spent money on developing new products, processes or services or even enhancing the way your existing ones work. If this is the case, you can typically claim tax credits equivalent to up to 33p for every £1 of qualifying expenditure which can then be used as an alternative to innovation grants (or to complement them) to fund your research and development going forward. R&D