Reforms to simplify and streamline lasting powers of attorney are given Royal Assent. These legal agreements enable a person to grant decision making powers about their care, treatment or financial affairs to another person if they lose mental capacity. The Powers of Attorney Act fires the starting gun on bringing the existing paper-based process online for the first time. The changes, when...
Muras Matters: Mandatory Payrolling of Employment Benefits from 2026
Background HM Revenue and Customs (HMRC) have recently announced that the reporting and payment of income tax and Class 1A National Insurance Contributions (NICs) via payroll software will become mandatory from April 2026. Currently employers are required to report benefits and expenses provided to employees and directors electronically on form P11D to HMRC by 6 July each year following the end of...
State Pension entitlement if you retire abroad
You can claim State Pension abroad if you have paid enough UK National Insurance contributions to qualify. To make a claim you must be within four months of your State Pension age. You must choose which country you want your pension to be paid in. You cannot be paid in one country for part of the year and another for the rest...
Spring Budget 2024
The Chancellor of the Exchequer, Jeremy Hunt has confirmed that the next UK Budget will take place on Wednesday, 6 March 2024. This will be the Chancellor’s second Budget and will include the government's tax and spending plans as well as new growth and borrowing forecasts. Various pundits are suggesting that selecting a Budget date in early March leaves the...
National Insurance and tax after State Pension Age
If you have reached the State Pension age and continue to work, in most cases, you no longer need to pay National Insurance Contributions (NICs). At State Pension age, the requirement to pay Class 1 and Class 2 NICs ceases. However, you will remain liable to pay any NICs due to be paid to you before reaching the State Pension age....
Year end payroll reporting
It is not that long until the current 2023-24 tax year comes to an end and there are a number of year end payroll chores that must be completed. This includes sending a final PAYE submission for the tax year. The last Full Payment Submission (FPS) needs to be submitted no later than the last payday for your employees of...
Do you need to register for self-assessment?
There are a number of reasons why you might need to complete a self-assessment return. This includes if you are self-employed, a company director, have an annual income over £150,000 and / or have income from savings, investment or property. The £100,000 threshold for self-assessment threshold change for taxpayers taxed through PAYE only, increased from £100,000 to £150,000 with effect...
Tax Diary February/March 2024
1 February 2024 - Due date for Corporation Tax payable for the year ended 30 April 2023. 19 February 2024 - PAYE and NIC deductions due for month ended 5 February 2024. (If you pay your tax electronically the due date is 22 February 2024) 19 February 2024 - Filing deadline for the CIS300 monthly return for the month ended 5 February...
Digital labelling of imports
Businesses are set to benefit from savings as import labels are made digital for the first time. New legislation to introduce digital labelling for British businesses to cut red tape and save millions in unnecessary regulation costs. Recognition of CE marking continued for products such as toys and machinery, easing burdens to businesses. Digital labelling reforms made possible by Brexit and ensures the...
Update on Companies House changes
Looks like Companies House is morphing from passive registrar into a monitoring agency for the government. Changes that are likely to impact the business community from as early as March 2024 are listed below, extracted from a Companies House blog post, dated 22 January 2024. “The Economic Crime and Corporate Transparency Act became law in October 2023. Since then, we’ve been...