Year End Tax Planning for Individuals
March is racing by however there is still time to consider some tax planning for individuals, as long as action is taken before the 2023-24 tax year closes on 5/4/2024.
AccountingJo
About AccountingJo
Posts by Jo Malpass:
Minimum Wage
The national minimum wage is increasing on 1/4/2024, please make sure your business is paying employees at least the minimum wage and is compliant with the law.
Plan Ahead for Increases in Corporation Tax Rates – Effective from 1 April 2023
In the Autumn Budget the UK Government voted to increase corporation tax rates with effect from 1/4/2023. Ahead of these upcoming changes, it’s a good idea for your company to assess how you will manage the increased rate (should it apply to you). By planning ahead for the financial change, you’re less likely to be caught off guard when your Company tax bill arrives.
Minimum Wage – Ensure you are legally compliant with new wage rates from 1/4/2023
In the 2022 Autumn Budget the Government announced increases to the National Minimum wage, which will come into effect from 1/4/2023.
Employers will need to ensure that staff on minimum wage are given the appropriate increase in order for businesses to be legally compliant. The increase will be widely welcomed by workers, representing an increase of over £1,600 to the annual earnings of a full-time worker and is expected to benefit over 2 million low paid workers.
Key Updates for Businesses, Employers and Workers from April 2022
(1) Increase in national minimum wage from 1/4/2022 to £9.50 per hour (aged 22 and over).
(2) New temporary Health and Social Care levy to be introduced from 6/4/2022 increasing National Insurance Contributions for employees and the Self-Employed by 1.25%.
(3) Making Tax Digital for VAT becomes mandatory for ALL vat registered businesses….
Making Tax Digital
Making Tax Digital – A legal requirement, is your business ready?
If you are in business you may have heard about Making Tax Digital or in short MTD. If you haven’t heard then you need to know!
National Minimum Wage Increases from 1/4/2022
National Minimum Wage Increases from 1/4/2022 The National Minimum wage increases on 1/4/2022 from £8.91 to £9.50 for all adults over 22. This is a big increase and will significantly help those on a lower incomes, resulting in a full time annual income of £18,525 (based on 37.5 hours a week). Please see […]
Claim Back Statutory Sick Pay Paid To Your Employees Due To Covid 19
Deadline for claiming COVID Statutory Sick Pay 24th March 2022
Last call for Statutory Sick Pay claims for Covid related absences as the scheme closes on 24th March 2022.
Podcast: Speaking at ‘The Leaders Council’ on the effects of Covid-19
Jo Malpass Director of J&J Accountants as guest on The Leaders Council podcast talking about the effects of COVID-19 on businesses, and leadership. Click on the link to listen to the interview.
