From the 2023/24 tax year onwards, the self assessment (SA) threshold for taxpayers taxed through PAYE only, will rise to £150,000. However, the threshold for the 2022/23 tax year, remains unchanged at £100,000. This means that if a taxpayer is taxed through PAYE only, and their income exceeds £100,000, they will still need to submit…
Tag Archives: PAYE
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May
May
Where benefits in kind are provided to employees that will usually result an income tax charge on the employee and a Class 1A national insurance (NI) charge on the employer. The rate to be used for 2022/23 is 14.53% because of the withdrawal of the 1.25% Health and Social Care levy part way through the…
After having several queries regarding benefits and expenses we have decided to post a series of articles in respect of certain aspects of the benefit in kind rules, to help employers plan for the upcoming tax year and refresh their understanding of the benefits in kind system. We will begin our series of articles with…
