Enhanced Child Benefit payments commencing from April 6
Modina | The Bookkeeping Blog
by chloe
1w ago
Millions of families in the UK will soon benefit from higher Child Benefit payments, announced by HMRC for implementation from April 6, 2024. In an effort to boost household finances, the Government has raised the yearly entitlement for families with one child to £1,331 – a rise of £83.20. Families with additional children will receive up to £881 per year, with no limit on the number of children eligible for the benefit. Under this revised scheme, payments will be structured as follows: ● £102.40 every four weeks (£25.60 weekly) for the first or only child. ● £67.80 (£16.95 weekly) for each su ..read more
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HMRC Tax Refund Scams: 3 Signs To Look Out For
Modina | The Bookkeeping Blog
by chloe
2w ago
Tax Refund Scams have become common in recent years. For example, HMRC received more than 130,000 reports about tax scams in September 2023, whilst almost 60,000 people were approached and offered fake tax rebates from fraudulent sources. Avoid falling for these scheming fraudsters’s tricks by being aware of these 3 clear signs. Unsolicited CommunicationAlways be wary of any unsolicited emails, phone calls, or text messages claiming to be from HMRC. Scammers often use these methods to reach out to individuals, asking for personal information such as national insurance numbers, bank account de ..read more
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Unpacking the 2024 Spring Budget: What You Need to Know
Modina | The Bookkeeping Blog
by chloe
1M ago
Jeremy Hunt’s recent Budget announcement unveiled several changes impacting taxpayers, businesses, and households alike. From tax cuts to adjustments in benefits and investments, here’s a breakdown of what these updates mean for you: Taxation: ● National Insurance, a payroll tax, cut by 2p in the pound for employees and the self-employed ● Salary thresholds for income tax and national insurance remain frozen, leading to increased tax payments as incomes rise (fiscal drag) ● Non-dom tax regime, applicable to UK residents with permanent homes overseas, to be replaced with new rules from April 20 ..read more
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Are You Prepared for Payroll Year-End?
Modina | The Bookkeeping Blog
by chloe
1M ago
Payroll year end is not to be confused with PAYE. Every year, after your last pay run but before 19 April, you’ll need to send specific information to HMRC.  Here’s a step-by-step guide to ensure a smooth transition and avoid common pitfalls. 1. Check The End Date of Your Payroll.  Payroll may extend beyond week 52, reaching weeks 53, 55, or 56. Regardless, two key points apply:  ● Payrolls are processed weekly, fortnightly, or four-weekly.  ● The standard payroll date is 5 April.  For a weekly payroll on 5 April, handle a week 53 payroll; for a fortnightly payroll, pr ..read more
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Basis Period Reform: what does it mean for unincorporated businesses and LLPs?
Modina | The Bookkeeping Blog
by chloe
1M ago
On January 27, 2022, HMRC and the government proposed changes to basis period reform rules starting in April 2024, in response to feedback from BDO and others. These changes aim to address unfair impacts, yet they may still lead to accelerated tax obligations for many partnership members. Who’s Affected? This reform affects self-employed traders, partners in trading partnerships, unincorporated entities like trading trusts, estates, and non-resident companies with trading income under Income Tax. It impacts businesses with annual accounts ending on dates other than March 31 or April 5, particu ..read more
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April 2024: Holiday Pay for Irregular & Part-Year Workers
Modina | The Bookkeeping Blog
by chloe
2M ago
Starting April 2024, there are new rules for calculating holiday entitlement and pay for workers with irregular hours (like zero-hours workers) and part-year staff (such as term-time employees). These rules apply from the beginning of your first new leave year on or after April 1, 2024. If your leave year runs from January to December, these new rules take effect from January 2025, and your current system remains in place until then. You’ll have two options for calculating holiday entitlement/pay: the ‘default’ method or the ‘rolled-up holiday’ method. Under the ‘default’ method, workers accru ..read more
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Government Holiday Entitlement is Changing in April 2024: Here’s How…
Modina | The Bookkeeping Blog
by chloe
2M ago
The Government recently announced rule changes for holiday entitlement and holiday pay for irregular hour workers and part-year workers. These changes are expected to come into effect for holiday years which begin on or after 1 April 2024. These changes mean that part year workers and irregular hours workers will accrue annual leave on the final day of each pay period (on the basis of 12.07% of each hour worked in that pay period, up to a maximum of 28 days a year). This practice, that many employers had been using in recent years, was ruled unlawful by the Supreme Court in Harpur Trust v Braz ..read more
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Key Dates For UK Employment Law to Look Out For in 2024
Modina | The Bookkeeping Blog
by chloe
3M ago
2024 is set to be an active time for employment law changes and this will come with some financial impact to organisations. April, July and October will see some important changes that you might want to keep a note of. Keep reading to find out what they are, when they are, and how they might impact your business this year. April: An impactful change that will be implemented in April is the new minimum wage and statutory rate changes. This will have a large effect on both employees and employers. One of the changes is that the carer’s leave will be introduced, as well as how the 26-week require ..read more
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Making the Most of your Pensionable Allowance: Strategy for Business Owners In 2024
Modina | The Bookkeeping Blog
by chloe
3M ago
Are you making the most of your pensionable allowances? As a business owner, it’s more important than ever to make the most of your pensions and ISAs ahead of tax year-end. If you want to enjoy retirement at a young age, it’s becoming clearer that you’ll have to rely on more than the State Pension. There are three main factors that affect how much you have in your pension when you retire: The time you invest for (typically as long as possible). How your investments perform. How much you put aside. It’s important to review your pensions regularly. Get in touch with our team for advice! So, ho ..read more
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The Benefits of Outsourcing Payroll Services: A Key to Success for Businesses
Modina | The Bookkeeping Blog
by chloe
4M ago
In the ever changing world of business, time and resources are often in short supply. Companies, particularly SMEs, often find themselves juggling multiple tasks, from managing their core operations to handling administrative responsibilities. One of the most critical but time-consuming aspects of business operations is payroll management. This is where outsourcing payroll services can be a game-changer, which is where we come in! Here are four reasons why businesses should consider outsourcing their payroll services. Expertise and CompliancePayroll management is a complex process. It involv ..read more
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