Salary vs Dividends: Optimising Profit Extraction for 2025/26
For limited company directors, the strategy of balancing salary and dividends remains crucial for tax-efficient profit extraction. Recent changes announced in the Autumn Budget, particularly regarding employers’ national insurance rates and employment allowance, have added new considerations to this decision-making process. Understanding Salary Benefits and Drawbacks Advantages of Salary Payments A salary provides a straightforward […]
Blueprint for Success: Your Annual Business Goals Review
As we enter 2025, January presents the perfect moment for business owners to step back, assess their progress, and chart their course forward. After the busy festive season winds down, this quieter period offers valuable space to evaluate your business’s direction and performance against your established goals. The Importance of Goal Review While setting goals […]
Christmas Hustle: Getting ahead of the deadline
Recent data from HM Revenue and Customs (HMRC) reveals an interesting trend in tax filing behaviour: 4,409 individuals completed their 2023-2024 tax returns on Christmas Day itself, well ahead of the January 31st deadline. The broader holiday period saw an impressive total of 40,072 taxpayers submitting their returns, demonstrating that financial responsibilities remain a priority […]
Understanding the New UK Company Size Thresholds for 2025/26
Significant changes are coming to UK company reporting requirements following the publication of The Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024. These changes, effective for financial years beginning on or after 6 April 2025, bring important updates to company size thresholds and reporting obligations. Key Changes to Size Thresholds The new regulations […]
The Emerging Role of AI in Audit
The role of AI in audit is rapidly evolving and transforming the profession, with a wide range of applications that promise to enhance the efficiency, accuracy, and depth of audits. Below, we take a look at the emerging role of AI in the audit process. Automating Repetitive Tasks Enhanced Risk Assessment Fraud Detection and Anomaly […]
Guidance on PAYE Reporting for Early Christmas Payments
Since 2019, there has been a permanent easement for reporting PAYE information in real time. This is where employees receive their pay earlier than usual at Christmas. Reporting the Contractual Pay Date Where an employer closes on the usual (contractual) payday, such as at Christmas or on bank holidays, HMRC advises to report the contractual […]
NRB Christmas Payroll Schedule
We would like to inform all our valued clients that the payroll office will be closed for the festive period. We close on Monday, 23rd December 2024, and will reopen on Thursday, 2nd January 2025. During this time, our team will not be available to process payroll or handle any queries. Please take note of […]
Key Changes to Employers’ National Insurance
Chancellor Rachel Reeves’ Autumn Budget has introduced several notable changes to Employers’ National Insurance (NI) rates and thresholds, which will impact payroll costs for many UK businesses. Key Changes to Employers’ NI Effective from 1 April 2025, the Employers’ National Insurance rate will increase from 13.8% to 15%. Alongside this, the threshold at which employers […]
Chancellor Advocates for E-Invoicing: Beneficial To Your Business?
Recent announcements from the Chancellor include a push for greater adoption of electronic invoicing (e-invoicing). HM Revenue and Customs (HMRC) will launch a consultation aimed at promoting broader use of e-invoicing. This initiative aims to simplify business transactions, ease administrative workloads. Furthermore, and, perhaps most importantly for HMRC, reduce tax return errors, which can help […]
Autumn Budget 2024 – Main Highlights
Rachel Reeves stood up yesterday to deliver the first Budget by a woman, “in our country’s history” and stated that “the only way to drive economic growth is to invest, invest, invest.” The Chancellor introduced measures including hikes in National Insurance Contributions, Capital Gains Tax, Stamp Duty Land Tax as well as changes to Inheritance […]
