Self-employed individuals and landlords will have more time to prepare for Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA), following a government announcement today (19 December 2022).From:HM Revenue & CustomsPublished19 December 2022 Understanding that self-employed individuals and landlords are currently facing a challenging economic environment, and the transition to Making Tax Digital (MTD)… Continue reading Government announces phased mandation of Making Tax Digital for ITSA
Category: Tax Matters for Private Individuals
National Minimum Wage Uplift 2022
National Minimum Wage uplift Around 2.5 million UK workers will receive a pay rise as the National Minimum and Living Wages increased on Friday 1 April in line with the recommendations from the independent Low Pay Commission. Workers aged 21-22 will receive a rise of almost 10% on the National Minimum Wage, while those aged… Continue reading National Minimum Wage Uplift 2022
Autoenrolment for Pensions
Autoenrolment is a Government Initiative that requires all employers to put eligible employees into a pension scheme. The employee pays a percentage of their wages and so does the employer, unless the employee chooses to opt out Employers must do the following in relation to Autoenrolment: Work out who to put into a pension Choose… Continue reading Autoenrolment for Pensions
Your National Insurance Record and State Pension
National Insurance is paid in order to qualify for some benefits and also the State Pension. Everyone over the age of 16 is given a National Insurance number and contributions are recorded against this, your National Insurance number never changes If you are over 16 and earning over a certain amount, known as the threshold,… Continue reading Your National Insurance Record and State Pension