Practice News

News | Saul Fairholm

Budget set for 6 March

The 2024 Budget will be held on Wednesday 6 March, setting out future tax plans The 6 March event will be the last Budget before the general election, which has to take place by the end of January 2025. The Chancellor Jeremy Hunt has commissioned the Office for Budget Responsibility to prepare an economic and… See more

Average earner will be £450 better off from changes to NIC

The Chancellor’s cut to national insurance comes in from Saturday 6 January, reducing tax bills in January pay packets The 2p cut to National Insurance will see the rate for employees cut from 12% to 10% from Saturday, with the average worker earning £34,963 saving £447.86 in for Class 1 contributions over the year. This… See more

Tougher side hustle tax rules come into force

HMRC is clamping down on abuse of the system with new rules requiring online platforms to make an annual report to the tax authority detailing the names of individual sellers and volume of their sales to ensure they do not evade tax. The owners of websites such as Etsy, eBay, Vinted, Amazon Seller Central, Gumtree… See more

HMRC slashes access to helplines for seven weeks

In the busiest period of the tax year, HMRC plans to significantly reduce access to the self assessment helpline, prioritising only complex queries from Monday. Without prior warning, HMRC has confirmed that from 11 December until 31 January, it will redirect the majority of callers to the self assessment helpline to online services, telling taxpayers… See more

Crypto investors warned to disclose unpaid tax

HMRC has given crypto investors the opportunity to voluntarily disclose unpaid tax going back four years on their cryptocurrency and non-fungible token (NFT) transactions As well as paying the tax for any years in question, penalties and interest will be charged on all unpaid tax. HMRC has provided a penalty calculator so people can calculate… See more

PAYE only high earners removed from self assessment

High earners with PAYE income over £150,000 will no longer have to file a self assessment tax return from 2025. HMRC has confirmed the removal of the self assessment filing threshold for individuals with income over £150,000 which is taxed via PAYE from tax year 2024 to 2025. These changes mean up to 338,000 taxpayers… See more