Tax News

Tax Diary May/June 2024

1 May 2024 - Due date for corporation tax due for the year ended 30 July 2023. 19 May 2024 - PAYE and NIC deductions due for month ended 5 May 2024. (If you pay your tax electronically the due date

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Class 4 NICs who is liable?

Most self-employed people are required to pay Class 4 National Insurance contributions (NICs) if their profits are £12,570 or more a year. Class 4 NIC rates for the tax year 2024-25 are 6% (2023-24:

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Post Transaction Valuation Checks

A Post Transaction Valuation Check (PTVC) can be requested from HMRC for an individual to work out a capital gains tax liability or for companies to calculate corporation tax liability on chargeable

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View and prove your immigration status

A UK Visas and Immigration (UKVI) account can be used by eligible users to view and prove their immigration status online. This may be required to provide proof of your status to employers or higher

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Changes to Scottish Income Tax rates 2024-25

A reminder of the changes to Scottish Income Tax rates for the 2024-25 tax year. It was announced as part of the Scottish Budget measures that a new tax band called the advanced rate band will apply a

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Payrolling employee expenses and benefits

Employers can register on a voluntary basis (before the start of the tax year) to report and account for tax on certain benefits and expenses via the RTI system. This is known as payrolling and

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Settling energy disputes

Business owners that are in dispute with their energy suppliers will be interested in the free support on offer from the Energy Ombudsman. In a recent press release the Department for Energy Security

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COVID Bounce Back abuse

The Insolvency Service has recently published information confirming that a total of 831 company directors were banned in 2023-24 for Covid support scheme abuse, up more than 80% on the previous year,

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