You may have to pay a tax charge, known as the ‘High Income Child Benefit Charge’, if you have an individual income over the threshold. Up until 2023/24 tax year, the threshold was £50,000, however, in the Spring budget of 2024, the government has increased the threshold to £60,000. So, if either: and you earn […]

Introduction When you take time off because your partner’s having a baby, adopting a child or having a baby through a surrogacy arrangement you might be eligible for: Amount of leave If the baby is due before or on 6 April 2024, you can choose to take either 1 or 2 weeks’ leave. You must […]

Mileage Allowance Payments (MAPs) are what you pay your employee for using their own vehicle for business journeys. You’re allowed to pay your employee a certain amount of MAPs each year which are exempt from tax. This is called an ‘approved amount’. Here is a breakdown of the ‘approved amount’, it does not matter if your employee […]

Marriage and civil partnerships offer financial advantages through strategic tax planning. By leveraging these 5 tax strategies, couples can optimise their finances and maximise tax savings: 1. Utilise Marriage Allowance: Couples with one partner earning under £12,570 can transfer up to £1,260 of their unused personal allowance to the higher earner, increasing the tax-free income […]

Businesses engaged in Research and Development (R&D) projects can leverage Corporation Tax relief on eligible project costs, provided they align with HM Revenue and Customs (HMRC) R&D criteria. Recent adjustments to the R&D tax relief scheme by HMRC have introduced new procedures. While companies are adapting to the mandatory ‘Additional Information Form’ implemented on 8th […]

On 6 March 2024, chancellor Jeremy Hunt delivered his budget speech and secured his place in the tax history books by announcing the government would end the non-domicile tax regime. The government’s published budget statement says that the non-domicile tax regime will be abolished and replaced with a fairer system from April 2025, where new arrivals to […]

Overseas Workday Relief is a tax relief available to UK Non-Domiciles utilising the remittance basis of taxation who work abroad during the tax year. It effectively enables a non-domicile to legitimately avoid paying tax on earnings from a UK employment when duties are performed wholly or partly overseas. This relief is available for the initial year of residence […]

Introduction Eligible employees can take up to 52 weeks’ maternity leave. The first 26 weeks is known as ‘Ordinary Maternity Leave’, the last 26 weeks as ‘Additional Maternity Leave’. The earliest that leave can be taken is 11 weeks before the expected week of childbirth, unless the baby is born early. SMP rates SMP for […]

The Chancellor of the Exchequer, Jeremy Hunt presented the Budget March 2024 in what is expected to be the final budget before the next UK General Election. The key points outlined include: VAT National insurance Child benefit Non-domiciled tax status Property taxes Savings

If any employee is absent from work due to sickness, they may qualify for Statutory Sick Pay (SSP) and the employer is legally required to make this payment. The weekly rate for Statutory Sick Pay (SSP) is £109.40 for up to 28 weeks. The amount paid to employees for SSP cannot be claimed back from […]