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Don’t forget to pay your Class 1A NIC

Don’t forget to pay your Class 1A NIC

Employers must act now to meet the deadline for paying Class 1A NICs for 2024–25 to avoid HMRC penalties. These contributions are due by 19 July 2025 if paying by post, or by 22 July 2025 for electronic payments. Class 1A NICs apply to most taxable benefits...
File and paying CGT after property sales

File and paying CGT after property sales

Capital Gains Tax on certain residential property sales must be reported and paid within 60 days to avoid penalties and interest. The annual exempt amount applicable to Capital Gains Tax (CGT) is currently £3,000. CGT is normally charged at a simple flat rate of...
Struggling to fund your July tax payment?

Struggling to fund your July tax payment?

The second 2024-25 payment on account for self-assessment taxpayers is due on 31 July 2025. If you are finding it difficult to meet this tax bill, there are options available to ease the burden. Taxpayers with liabilities of up to £30,000 can use the...
Goodbye remittance basis hello FIG

Goodbye remittance basis hello FIG

Since 6 April 2025, the remittance basis of taxation for non-UK domiciled individuals (non-doms) has been replaced by the Foreign Income and Gains (FIG) regime. This shift marks a significant change, as the new FIG regime is based on tax residence rather than...
The impact of frozen personal allowances

The impact of frozen personal allowances

The impact of frozen personal allowances often leads to fiscal drag, a situation where individuals pay more tax as their earnings rise without a corresponding increase in allowances. This occurs because tax thresholds remain fixed while wages increase, thus...