What is it? The Construction Industry Scheme, or CIS as it is more commonly known, was set up more than 50 years ago to deal with compliance issues in the construction sector. HM Revenue & Customs (HMRC) found […]
P60 At the end of each tax year, employers must provide all employees that were employed on 5th April with a P60. They must do this no later than the 31st May in either electronic or paper format. […]
When to register As an employer there are certain tax related obligations that must be met and a primary one for almost all businesses is “Pay As You Earn”, or PAYE. It is a legal requirement to register […]
National Insurance sees a further reduction The main highlight of the budget was a further 2% reduction in Class 1 employee National Insurance from 10% to 8%, effective 6th April 2024. This follows the recent reduction, announced in […]
Headlines National insurance Although the current thresholds for income tax and national insurance remain frozen until 2028, the main rate of national insurance will fall from 12% to 10% from 6 January 2024. In addition, Class 2 National […]
Pension breaks for high earners The chancellor announced an increase in pension allowances for high earners, increasing the annual cap on tax-free pension contributions from £40,000 to £60,000. In addition to the annual increase, the tax-free lifetime allowance […]