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Welcome to our May newswire

Our aim is to keep you up-to-date with ideas and information that will help you gain the best possible advantages in working with us.

This newswire will be sent regularly to help achieve this aim, and we hope you enjoy reading them.

P11D – Remember to report before the July deadline!

With the 6 July deadline nearing, it is essential to understand the updated reporting requirements for Class 1 National Insurance Contributions (NICs) on benefits in kind (BIKs). Employers offering benefits, such as private healthcare, living accommodation, travel expenses, and company cars must report additional NICs through the payroll process or on a P11D form. Significant […]

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The rise of the higher rate taxpayer

The Government continues to freeze both the personal allowance and the higher-rate income tax thresholds – leading to an increase in the number of higher-rate taxpayers this year. The result of ‘fiscal drag’ – a phenomenon where tax thresholds fail to keep up with inflation or wage growth – the freeze will continue to increase […]

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High-income earners need to re-register for child benefit

Child benefit supports parents or guardians of children under 16, or under 20 if in approved education, by contributing towards the costs of raising them. Since January 2013, the High Income Child Benefit Charge (HICBC) affects those earning above a specific threshold but this was revised in the Spring Budget 2024. Initially, families with one […]

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SME recovery continues as sustainability and growth take centre stage

In its latest research into the UK’s SME economy, NatWest Group has identified an encouraging trend among the country’s independent operators, as SME growth continues for the fifth consecutive month. Two sectors led the charge, as the service industry continues to be a significant driver of growth, while the manufacturing sector enjoyed expansion after a […]

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Preparing for the second payment on account – and what happens when you can’t pay?

If you are a Self-Assessment taxpayer, it is almost time to make your second ‘payment on account’ – advance payments towards your tax bill. Those who submit a Self-Assessment tax return and owe £1,000 or more will be required to make their second payment on account by midnight on 31 July 2024. How do payments […]

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Gratuities and tips – What the delay to the Employment (Allocation of Tips) Act 2023 means for you

The Department of Business & Trade (DBT) has released the finalised draft of the Code of Practice on Fair & Transparent Distribution of Tips – the next step towards bringing the Employment (Allocation of Tips) Act 2023 (the Act) into force. The Act will require businesses, where tips and gratuities are provided by customers, to […]

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Richard Anthony Chartered Accountants - Ground Floor Cooper House, 316 Regents Park Road,
London, N3 2JX
Telephone: 020 8349 0353 | Email: info@richard-anthony.co.uk

   

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