Nov 8, 2022 | Business TaxPAYE and NIPersonal Tax
HMRC is raising interest rates on tax debt from 22 November following the recent 0.75% increase in the Bank of England (BoE) base rate. Interest will rise to 5.5%, in line with the base rate hike. The last time the rate changed was 11 October, when it went up by 0.5%...
Nov 7, 2022 | PAYE and NI
The Government's reversal of the National Insurance contributions (NICs) increase is now in effect as of Sunday (6 November). The majority of working people will begin receiving the 1.25% tax cut in their payslips from November onwards. The rise in NICs was introduced...
Sep 22, 2022 | PAYE and NI
A new PAYE direct debit payment plan, originally set to launch on 19 September 2022, has been pushed back to 3 October, according to an update by HMRC. The service was announced following taxpayer feedback on the current system, which only allows employers to make a...
Jul 6, 2022 | PAYE and NI
The long-awaited increase in the threshold for National Insurance contributions (NICs) has come into effect as of today (Wednesday 6 July), rising from £9,880 to £12,570. Announced in the Spring 2022 Statement by former Chancellor Rishi Sunak, the measure aims to help...
May 25, 2022 | PAYE and NI
Four out of five employers say they have been impacted by the increase in National Insurance contributions (NICs), according to a new survey. The British Chambers of Commerce (BCC) surveyed over 1,100 UK employers and found that the NICs rise has negatively impacted...
