27 March 2024
HM Revenue and Customs’ (HMRC’s) Employer Bulletin for March brings an initial reminder of High Income Child Benefit Charge (HICBC) changes that may impact employees.
Following this are a number of PAYE and tax updates that you need to be aware off before the start of the new tax year. Although for most, you will already be up to speed, but it is worth taking a look as a last precaution.
Those updates are in the following areas:
PAYE
- Spring Budget — 2024 National Insurance contributions rate changes from 6 April 2024
- paying PAYE
- PAYE Settlement Agreement payment
- National Minimum Wage
- starting the new tax year — student and postgraduate loans
- notice of changes to PAYE, Real Time Information and Self Assessment returns — technical consultation on draft regulations
- Investment Zone employer National Insurance contributions relief
- reporting expenses and benefits for the tax year ending 5 April 2024
- mandating the payrolling of benefits in kind from April 2026
- PAYE tax calculator
- company cars — classification of double cab pickups for benefit in kind purposes
Tax updates and changes to guidance
- plant and machinery allowances
- basis period reform — reporting on a tax year basis
- Construction Industry Scheme
General information and customer support
- claiming tax relief on work related expenses — don’t get caught out by bad tax advice
- Raising Standards in the Tax Advice market — strengthening the regulatory framework and improving registration consultation
- HTML format of the Employer Bulletin
- getting more information and sending feedback
Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.