Article Archives - Page 2 of 5 - SJB & Co Chartered Accountants

National Insurance Contributions. New Employee Contribution Rates from 6 January 2024

National Insurance Contributions. New Employee Contribution rates from 6 January 2024. It was announced at the time of the Autumn 2023 Statement that the main rate of primary Class 1 National Insurance contributions payable by employees is to be reduced from 12% to 10% with effect from 6 January 2024. Employers will need to update […]

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Autumn Statement 2023. Key Announcements.

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Autumn Statement 2023. Key announcements. The Chancellor, Jeremy Hunt, presented his Autumn Statement on 22 November 2023, focussing on five areas: reducing debt, cutting tax and rewarding hard work, backing British business, building domestic and sustainable energy and delivering a world-class education. From a tax and National Insurance perspective, highlights included the abolition of Class

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Christmas parties and gifts. How to keep them tax-free.

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Christmas parties and gifts. How to keep them tax-free Many employers hold a staff Christmas party and/or give their staff a Christmas gift. By taking advantage of the available exemptions, it is possible to prevent an unwanted tax liability from arising. Key dates Where the exemptions do not apply and a taxable benefit arises in

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Are your NIC contributions up to date? Check your state pension entitlement.

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Are your NIC contributions up to date? Check your state pension entitlement. Entitlement to the state pension and other contributory benefits depends on your National Insurance record. If you do not have sufficient qualifying years, you will not receive the full state pension. However, you can make voluntary contributions to top up your record. Key

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Child Trust Funds – find an unclaimed account

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Child Trust Funds – find an unclaimed amount Child Trust Funds are tax-free savings accounts for children. A report published in July this year revealed that almost one million young adults have unclaimed Child Trust Funds worth in total £1.7bn. The child is able to access the funds in the account when they turn 18.

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Student Loan Repayments – making repayments through Self-Assessment

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Student loan repayments – making payments through Self Assessment If you are within Self Assessment and have a student and/or postgraduate loan in respect of which repayments were due to start before the end of the tax year to which the return relates, you will need to complete the student or postgraduate loan section of

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Electric company cars – reimbursed domestic electricity costs

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Electric company cars – reimbursed domestic electricity costs HMRC have recently changed their policy allowing employers to reimburse the cost of electricity used in charging an electric company car at home tax free. This further increases the attractiveness of electric company cars as a tax-efficient benefit. Key dates HMRC announced this change of policy on

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How to prepare your business for an HMRC tax investigation

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How to prepare your business for an HMRC tax investigation As a business owner, the thought of an HMRC tax investigation can be quite daunting. But worry not, we’re here to guide you through the process and provide you with some handy tips on how to prepare your business for an HMRC tax investigation in

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What you need to know about hiring an apprentice

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What you need to know about hiring an apprentice So, you’re thinking about hiring an apprentice in the UK? Great decision! Apprenticeships are a fantastic way to give young people a start in their careers while benefiting your business with fresh talent and a boost in productivity. But hold your horses! Before you jump in,

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Dividends – Record keeping requirements

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Dividends – Record keeping requirements A dividend is a distribution made from a company’s retained profits. The dividend must be properly declared. Dividend payments to shareholders must be accompanied by a dividend voucher. Key dates The effective date of payment of a dividend is the date that the dividend becomes unconditional. This note explains the

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