Health and Social Care Levy: Why are National Insurance rates increasing? WIM Accountants summarises the tax increases brought with the Health and Social Care Levy Bill 9 September was a day that shocked the nation, particularly lower-earning taxpayers when the Prime Minister announced a tax increase. National Insurance rates are set to rise along […]
Wrap your head around PAYE We’ve all seen the words PAYE pop up on our payslips, but how many actually know what PAYE means and how it works? Introduced in 1944, the ‘Pay As You Earn’ system is a method used to pay income tax and National Insurance Contributions (NICs) to HMRC from your […]
SME vs RDEC: What should you claim under? If you’re planning on making an application for Research and Development (R&D) Tax Credits, you need to know the differences between the two schemes available: The Small-Medium Enterprise (SME) scheme The Research and Development Enhanced Credit (RDEC) scheme Depending on the size of your company the nature […]
Insights: The Construction Industry Scheme Our accounts and bookkeeping assistant, Ashleigh, takes a look into what exactly the Construction Industry Scheme (CIS) is, who needs it, and how qualifying individuals can register. What is CIS? The Construction Industry Scheme (CIS) is a government scheme that requires contractors to deduct money from a subcontractor’s pay […]
Kickstart Scheme – What’s the fuss? The consequences of COVID-19 and the subsequent lockdown that was put into place in March 2020 were massive for Britain (and indeed the rest of the world), but no demographic may have felt harder done by this event than those aged 16-24. With the real GDP reduction achieving heights […]
Taxpayers reported over 144,000 scams last year, up from 123,000. With self-assessment tax returns due by 31 January 2025, fraudsters may target individuals with fake tax refund offers or payment demands. HMRC warns it never threatens legal action via voicemail or requests personal details by text.
Inheritance tax Introduction to Inheritance tax Inheritance tax (IHT), introduced in the 1986 Finance Act and governed by the Inheritance Tax Act of 1984, replaced the Capital Transfer Tax and Estate Duty. IHT accounts for around £5.5 billion of government revenue, with only 4%-5% of estates paying it, thanks to various reliefs and tax planning […]