Can all sole trader/self employed clients and those with rental income please download to a csv and email in your records for 6/4/23-5/4/24 to PMC as soon as possible, the quicker we receive your records the quicker we can complete your tax return and let you know any liability due.
From 6th April 2024 the National Minimum Wage for Employees 23 years and over will rise from £10.42 to £11.44. Please note this is the Employers legal responsibility to check their employees are earning at least this amount and inform the office to amend the payroll if required.
Spring Budget 2024 – please read on for the main points of note.
If your 2023 tax is not paid by 1st March 2024 there is a 5% penalty based on the outstanding tax amount, if not paid by 1st August 2024 then another 5% penalty and if still unpaid by 1st Feb 2025 yet another 5%.
Remember to pay your balancing personal tax payment for 2023 plus your first account payment for 2024 by 31st January 2024. You can pay this by going to www.hmrc.gov.uk/pay-self-assessment-tax-bill
From 6th April 2024 Class 4 National insurance, taxed on self employed profits over £12,570 will fall from 9% to 8%.