Our latest article provides an economic review of March 2024. It explores key areas such as new economic predictions, the UK economy being set to grow more than expected, lower interest rates on the way, and the latest in the global markets. Short-term growth forecasts upgraded New economic predictions produced by the Office for Budget Responsibility (OBR) suggest the UK economy will grow more than previously expected over the next two years. Chancellor Jeremy Hunt unveiled the independent fiscal watchdog’s latest forecasts during his Spring Budget delivered to the House of Commons on 6 Mar ..read more

Previously, most people taxed through PAYE do not need to complete a self-assessment tax return unless they have earned more than £100,000. However, the self-assessment threshold has now changed. If you earn more than £150,000 taxed through PAYE, you must submit a self-assessment tax return.  What is the threshold change, and when does it come into effect? The self-assessment threshold has increased, and anyone earning £150,000 or more via PAYE must complete a tax return. The change comes into force for the 2023-24 tax year and will apply to subsequent years. What happens if I no longe ..read more

To help you get into the spirit of the upcoming Euro 2024 tournament, Churchill Knight is sharing a free to download PDF Euro 2024 wallchart, and it’s available now! Please keep reading for more information, including our predictions on who will emerge victorious in Germany this summer. Download your free Euro 2024 wallchart now The Churchill Knight Euro 2024 wallchart is available as a PDF document and PNG image file. It is also completely free to download! Simply click on the links below to download your Euro 2024 wallchart immediately. Euro 2024 Wallchart (PDF File) – Click Here. Euro 2 ..read more

Today (6 March 2024), The Chancellor of the Exchequer, Jeremy Hunt, delivered his Spring Budget 2024 to the House of Commons. Our latest article highlights the key announcements made in the Spring Budget 2024. Spring Budget 2024: Economic Overview The Spring Budget 2024 is likely to be the last Budget before the general election, which is expected to occur later this year. The Chancellor announced that inflation will finally drop below the 2pc target “in just a few months”, according to the latest forecast by the Office for Budget Responsibility (OBR). The OBR has also announced that debt a ..read more

Salary sacrifice is a tax-efficient way to contribute to your pension and significantly boost your retirement fund. Our latest article explains how a pension salary sacrifice works and the benefits of using salary sacrifice for contractors. What is pension salary sacrifice? Your umbrella company may offer a pension salary sacrifice service, which makes pension saving more tax-efficient and is a great way to boost your personal pension pot significantly. If you choose to use the service, you can allocate a percentage or set amount of your pre-tax salary towards your pension. You can receive ..read more

Companies House has announced that it will increase fees from the 1st of May 2024. The new costs affect incorporation, a change of name, re-registration of a company, confirmation statements, and other services. Our latest article outlines the changes to Companies House fees you should know. Why are Companies House increasing their fees? Companies House review their fees annually to ensure they’re set at the right level as they are determined on a cost recovery basis. This means the fees must cover the cost of their services, and they do not profit from the fees charged. A spokesperson for ..read more

In the 2023/24 tax year, February has an extra day due to 2024 being a leap year. This additional day means there are two days in week 53 this year. Our latest article explains a week 53 payment and how it affects umbrella employees. What is a week 53 payment? A tax year is not always made up of an exact number of weeks, and in specific years, some weekly paid employees may be paid 53 times rather than 52 times, depending on the day of the week you are paid. In the 2023/24 tax year (which runs from the 6th of April 2023 to the 5th of April 2024), February has an extra day due to 2024 being ..read more

The self-assessment tax return filing deadline for the 2022 to 2023 tax year is the 31st of January 2024, but there are many benefits to filing now and beating the January rush. Beat the January rush January is one of the busiest months for HMRC, and on the 31st of January 2023, 861,085 customers filed online to meet the deadline – some with only a few minutes to spare. Thirty-six thousand seven hundred sixty-seven customers filed in the last hour before the deadline, and the busiest hour for filing on the day was 16:00 to 16:59, when 68,462 customers submitted their tax returns, according ..read more

Jeremy Hunt delivered his Autumn Statement 2023 to the House of Commons today (Wednesday the 22nd of November). Our latest article highlights the key points in the Autumn Statement that will affect contractors and freelancers. The Autumn Statement 2023 Chancellor of the Exchequer Jeremy Hunt has unveiled his Autumn Statement in the House of Commons today. The Autumn Statement sets out the government’s tax and spending plans for the year ahead, affecting millions of people’s take-home pay and household budgets in the UK and setting out how much will be spent on crucial public services. To re ..read more

In its response to the retained EU employment law consultation, the government announced it would introduce rolled-up holiday pay for all irregular-hours workers, including part-year and agency workers.  Overview of the Retained EU Employment Law Consultation The government launched a consultation on retained EU employment law on the 12th of May 2023, and concluded on the 7th of July 2023. The consultation sought views on three key areas of retained EU employment law which could benefit from reform: Simplifying annual leave and holiday pay calculations in the Working Time Regulations ..read more