Jul 22, 2024 | PAYE and NI
Despite two National Insurance (NI) cuts this year, income tax revenue is up. PAYE income tax and NI contributions (NICs) rose by £2.5 billion in the first three months of the tax year. From April to June 2024, these taxes brought in £195.1bn, £4.7bn more than the...
Mar 12, 2024 | PAYE and NI
The Prime Minister has suggested the possibility of eliminating National Insurance contributions (NICs) for workers, following another 2% cut announced during the Budget. National Insurance, established in 1911, plays a significant role in UK tax revenue, second only...
Mar 8, 2024 | PAYE and NI
Following the recent Spring Budget, National Insurance (NI) rates in the UK will decrease by two percentage points, reducing to 8% on earnings between £12,570 and £50,270, down from the current 10%. This change, effective from April, appears to initially increase...
Nov 30, 2023 | PAYE and NI
HMRC has announced a major shift in tax procedures, exempting high earners with PAYE income exceeding £150,000 from self-assessment tax returns starting in the 2024/25 tax year. This change, following the recent threshold increase from £100,000 to £150,000 for...
Apr 24, 2023 | Government AnnouncementsPAYE and NI
HMRC is raising awareness of the rules surrounding tax on termination payments. The tax authority's latest agent update stresses that employers should be careful when finalising severance packages to ensure they stay compliant with legislation changes. The Government...