Back for 2024

We are only a month away from the Spring Budget and there is continued speculation around tax cuts. With an election looming we have already seen the fast tracking of the national insurance 2% tax cut which was implemented in January. It will be interesting to see what is finally agreed.

MTD for ITSA (Making Tax Digital for Self-Assessment)

Kerry and I have been heavily involved with HMRC regarding the simplification and improvement of the system for taxpayers and their representatives. I was therefore delighted that the government announced the changes we had been pushing for in the Autumn Statement. These included the requirement to provide an End of Period Statement being removed and some taxpayers, including those without a National Insurance number, will now be exempt from MTD.  Significantly, taxpayers who are using MTD will be able to be represented by more than one tax agent (i.e. bookkeeper and accountant). The draft regulations have been published for technical consultation which continues this month.

National Minimum and Living Wage Increased for 2024 to 2025
From 1‌‌‌ April‌‌‌ 2024, the National Living Wage will increase by 9.8% to £11.44 an hour for eligible workers across the UK aged 21 and over. Young people and apprentices on the National Minimum Wage will also see a boost to their wages, which will increase to £6.40 an hour. If you are a client of Women Who Count we will automatically apply the changes to your payroll.

Institute of Accountants and Bookkeepers

January saw my promotion to CEO of the Institute of Accountants and Bookkeepers (IAB), it is a privilege to continue to serve the financial community and, in turn, the business community which is supported by our work. I would love to hear of any issues effecting you and your business as I am well placed to escalate these concerns to higher powers.

Please contact me at [email protected]