Budget summary 30 October 2024
The long awaited, much anticipated and dreaded first Budget of the new Labour government was delivered to Parliament today – 30 October 2024 – by the Chancellor, Rachel Reeves. We now know where the funds will come from to finance investment and growth, and the vaunted tax increases are no longer speculative, we have the […]
100 days to the 2023-24 self-assessment filing deadline
HMRC have kindly reminded us – their online post of 23 October refers – that there are approximately 100 days (to 31 January 2025) to prepare and file a 2023-24 self-assessment (SA) tax return. In their post they say: “More than 3.5 million taxpayers have already beaten the clock and submitted their returns. HMRC is reminding others […]
Will the Budget increase employment costs?
Employers’ NIC There is ongoing speculation about potential increases in employers’ National Insurance Contributions (NICs). While the government is under pressure to raise additional revenue to address fiscal challenges, increasing employer NICs has been floated as one option, particularly as the government has pledged not to raise income tax, VAT, or employees’ National Insurance for […]
Common sources of investment funding for SMEs
Small UK businesses have a variety of investment sources available, depending on their needs and stage of development. Here’s a look at some of the most common options. Personal Savings Many entrepreneurs start by using their own savings or money from friends and family. While this approach avoids debt or giving up equity, it does […]
Main objectives of new Pensions Bill
The King’s speech earlier this year announced the creation of a new Pensions Bill. The Bill aims to increase the range of investment options for pension funds and to improve the retirement outcomes for future pensioners. Emma Reynolds, the current Minister for Pensions, made the following comments at a recent address to the ABI “Pension […]
Will she, will she not?
There is an ongoing discussion in Treasury circles, fuelled by lobbying from public sector unions, that the recent public sector pay deal may sideline any possible reduction in higher rate tax relief in the forthcoming budget. The Chancellor’s upcoming Autumn Budget 2024 is expected to address the need for fiscal savings, and the vast costs […]
Tipping laws come into force
From 1 October 2024, you can be reasonably sure that when you leave a tip or pay a service charge your largesse will benefit the establishment staff, not the business owners. The following update is reproduced from a news story released by the Department for Business and Trade. “From Tuesday 1st October, millions of hard […]
Key performance indicators
Key Performance Indicators (KPIs) are widely used across industries in the UK to measure success and performance. Here are some of the top KPIs commonly used in various sectors: 1. Financial KPIs: Revenue Growth: Measures the increase in sales or income over a specific period. Net Profit Margin: Percentage of revenue remaining after all expenses. […]
Tax Diary October/November 2024
1 October 2024 – Due date for Corporation Tax due for the year ended 31 December 2023. 19 October 2024 – PAYE and NIC deductions due for month ended 5 October 2024. (If you pay your tax electronically the due date is 22 October 2024.) 19 October 2024 – Filing deadline for the CIS300 monthly […]
Higher rate relief pension contributions
You can typically claim tax relief on private pension contributions up to 100% of your annual earnings, subject to certain limits. Tax relief is applied at your highest rate of income tax, meaning: Basic rate taxpayers receive 20% pension tax reliefHigher rate taxpayers can claim 40% pension tax reliefAdditional rate taxpayers can claim 45% pension […]