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The 2024/25 tax year starts on 6 April 2024. Although many of the rates and thresholds are the same as for 2023/24, there are some changes. Income tax The income tax rates for 2024/25 for England, Northern Ireland and Wales are set out in the table below.   Rate Band of taxable income Basic rate

As widely predicted, in his 2024 Spring Budget, the Chancellor announced a 2% cut in the main rates of Class 1 and Class 4 National Insurance contributions. We explain what employees and the self-employed will now pay in 2024/25. Employees The main rate of primary Class 1 National Insurance contributions, which are payable by employed

Since the start of COVID-19 in March 2020, the number of people working from home in the UK has dramatically increased. As of January 2023, research shows that 44% of workers in the UK work from home – which translates into approximately 23.4 million people. Many of the companies those employees work for would have

To be allowable as a tax deduction whether under the corporation tax or income tax rules, most expenses must be incurred ‘wholly and exclusively for the purposes of the trade’. Unlike the equivalent rule for employment expenses, the expense is not required to be ‘necessarily’ incurred. This means that as long as an expense is

VAT can be confusing at the best of times, with the reverse charge being arguably one of the more complex applications. It does not help that different rules depend on different scenarios. For example, the reverse charge mechanism does not apply in the case of a zero-rated supply of services (e.g. most food items and