The letters in an employee’s tax code signify their entitlement (or not) to the annual tax-free personal allowance. The tax codes are updated annually and help employer’s work out how much tax to deduct from an employee’s pay packet. The basic
Non-resident companies with a trading business in the UK are liable to pay UK Corporation Tax on their profits made through a permanent establishment/branch or agency. If the non-resident company is deemed liable to pay Corporation Tax, then its
Employers must ensure they are paying staff the new National Minimum Wage (NMW) and National Living Wage (NLW) rates for the period from 1 April 2022 - 31 March 2023. The NLW is the minimum hourly rate that must be paid to those aged 23 or over. The
In the Spring Statement earlier this year, the then Chancellor, Rishi Sunak, announced an NIC tax-cut to take effect from 6 July 2022. This change sees the National Insurance threshold increased from £9,880 to £12,570. This increase means that the
The marriage allowance can be claimed by married couples and those in a civil partnership where a spouse or civil partner does not pay tax or does not pay tax above the basic rate threshold for Income Tax (i.e., one of the couples must currently earn
There are special rules which allow individuals who have set up private pension scheme(s) to benefit from significant tax reliefs when saving for their retirement. There is no overall limit to the amount of employer or employee contributions and no
The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death.
Last week saw the resignation of the previous Chancellor Rishi Sunak from the Government. The previous Chancellor said he could no longer continue in his role in good conscience. The Prime Minister almost immediately sought to fill this role and
The tax gap for the 2020-21 tax year has been published and remains at 5.1%. This is the second lowest recorded percentage and remains unchanged from the previous 2019-20 tax year. The tax gap is basically the difference between the amount of tax
The Bank of England will be withdrawing legal tender status of paper £20 and £50 banknotes after 30 September 2022. This means that if you have any old £20 or £50 notes you should use them or deposit them at your bank or Post Office by the end of
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