Morrissey, Michael’s Post

Sign up to our newsletter today: https://lnkd.in/evtP9e-z Check out the November edition of the monthly newswire from Morrissey Chartered Accountants. This month we cover a range of issues such as: Chancellor promises to drive growth and raises £40 billion in taxes Autumn Budget - the business reaction National Living Wage rises by 6.7% New tipping law comes into force Make Work Pay threatens employment and growth warns FSB New Growth and Skills Levy must end 'cycle of failure' 10,000 boost State Pension with online payments Latest guidance for employers Contact us today if you require further information on any of the topics included in our newswire or if you require expert business advice on all areas of taxation and accountancy. https://lnkd.in/eJ8dGhpV #CharteredAccountancy #FinancialPlanning #Taxation #BusinessAdvisory

As the dust settles on the recent Autumn Budget, accountants are reflecting on its potential impacts. While the budget aims to stabilise the economy without raising taxes on working individuals, key concerns have emerged. The increase in the employment allowance to £10,500 and the unfreezing of tax thresholds are positives; however, the rise in employer National Insurance Contributions to 15% and the lower threshold of £5,000 have sparked worries, particularly for small and medium-sized enterprises (SME's). The overall effects on payroll costs and economic stability remain uncertain. #Budget #NIC #PayrollCosts #EconomicStability #Accountants

🚨 Autumn Budget 2024 alert for business owners The Autumn Budget 2024 introduces significant tax hikes for owner-managed businesses, with increases in employers' national insurance, the national minimum wage, inheritance tax and capital gains tax. These changes will impact employment costs, recruitment, and payroll planning. Find out how these changes could affect your business in our latest blog. 👇 https://bit.ly/3AE6L62 #AutumnBudget #BusinessTax #OwnerManagedBusinesses

#Underpayment #Wages #TaxImpact #FairWork #FinancialWellness Hey everyone! 🌟 I've got a situation that might resonate with some of you. My workplace just self-reported to Fair Work about underpaying staff and they’re planning to audit our pay. The good news? They’ll be issuing lump sum repayments for the underpaid wages within this financial year! We're expecting to see something in the ballpark of $45k to $60k (before tax), which sounds great, but I’m concerned about how this will hit our tax bills. 😬 Here are some points I’m grappling with: Seven-Year Gap: We’re talking about underpayments that go back 7 YEARS! That’s a hefty amount, yet it seems like only a fraction will be refunded (less than 10% of what we lost). Feels a bit like a tough pill to swallow, right? Tax Implications: Receiving such a lump sum could spike our taxable income for this year, which isn't exactly ideal for our wallets. 😩 Financial Planning: With the extra cash coming in, how can we manage it wisel... How Can You Maximize Tax Benefits from Your Wage Underpayment Refund? Answers: https://lnkd.in/gaXNF-ef

Why Does My Income Tax Change Monthly? Is This Normal in the UK? Answers: https://lnkd.in/gNjWbGew #IncomeTax #TaxCode #PayrollConcerns #FinancialAdvice Hey there! 😊 So, you’ve jumped into the world of work in the UK, and it sounds like you’re already facing one of those classic payroll puzzles. It's totally normal to notice fluctuations in your income tax even if your tax code and gross salary remain the same. Let's chat about why this happens and what you might want to consider doing with those varying amounts. Why Does Income Tax Change? Cumulative Tax System: The UK uses a cumulative tax system, meaning your tax is calculated based on your earnings from the start of the tax year. If your earnings change (possibly due to overtime or different pays), the tax amount might adjust. Tax Code Adjustments: Even though your tax code (1257L) and gross salary (£5000) are consistent, sometimes temporary adjustments from previous under/over-payments can affect your monthly deductions. National Insurance Contribution: While your National Insurance (NI) seems stable, sometimes employers adjust how they calculate tax in relation to your NI contributions,...

📈 Labour’s 2024 Autumn Budget introduced major tax reforms to fund government spending and support wage increases. With an estimated £40 billion in tax hikes and spending cuts, business owners will bear much of this burden, facing the largest tax increase since 1993. A key factor is the rise in employer National Insurance (NI) contributions from 13.8% to 15%, expected to generate an additional £25 billion each year by 2025. 🌟 Despite these budget updates, Salary Exchange (Salary Sacrifice) stands out as a smart, practical approach for businesses looking to improve cash flow while boosting employee satisfaction. 👉 Take a look at our full article: https://lnkd.in/dzBSf8Du #Budget2024 #NationalInsurance #SalaryExchange #Husky #EmployeeBenefitsxa

Rachel Reeves has unveiled her first budget for the Labour government and here are a few of the headlines: 🟣 Income tax band thresholds will rise 🟣 Basic rate capital gains tax on profits from selling shares goes to 18% and 24% for higher rate 🟣 Companies to pay NI at 15% on salaries above £5,000 from April, up from 13.8% on salaries above £9,100 🟣 Employment allowance - which allows smaller companies to reduce their NI liability - to increase from £5,000 to £10,500 🟣 Tax paid by private equity managers on share of profits from successful deals to rise from up to 28% to up to 32% from April 🟣 Main rate of corporation tax, paid by businesses on taxable profits over £250,000, to stay at 25% until next election 🟣 Legal minimum wage for over-21s to rise from £11.44 to £12.21 per hour from April 🟣 Basic and new state pension payments to go up by 4.1% next year due to the "triple lock", more than working age benefits What does this mean for your business? Is it good or bad news? Is it in line with what you expected? #budget2024 #rachelreeves #rachefromaccounts

Autumn Budget 2024 Highlights! Curious about how the latest UK budget changes could impact you and your business? Our latest article breaks down the key updates announced on October 30th, including adjustments to minimum wage, employer National Insurance, and capital gains tax rates. 🔗 Read the full article here: https://lnkd.in/eEaA5iNh #AutumnBudget2024 #UKFinance #TaxUpdates #BusinessNews

💼 BUDGET 2024 💼 Chancellor of the Exchequer, Rt Hon Rachel Reeves today announced Labours first Budget in 14 years. It was a historic day in politics as she became the first female chancellor to lead the fiscal event. Reeves revealed that the governments new taxation measures aim to raise £40 Billion – the highest since 1993 - the year I was born🫣 My Key Takeaways⬇️ 👩💼National insurance, VAT or income tax will not rise for working people 💷Capital Gains Tax (CGT) will increase to 18% on lower rate and 24% on higher rate 🤝Inheritance Tax thresholds to be frozen for a further 2 years until 2030 🪙National Minimum Wage for over-21s to rise from £11.44 to £12.21 per hour from April 2025 🏢National Insurance contributions for employers to increase by 1.2% to 15% from April 2025 - employers now paying this levy from a £5,000 threshold 🚬Tax on Tobacco to increase by 2% above inflation 🍻Draught duty cut by 1.7%, taking 1p off pints in pubs ⛽Fuel duty will be frozen next year These changes will increase the demand on #Accountancy firms across the UK whose experts in all #Tax matters, in particular, will be sought after by Businesses, Sole Traders, Individuals and others to determine a plan of action & how this will impact them. #AutumnBudget Engage Recruitment Ltd

My dear Salaried class. Be ready to get robbed again! Just like every year government has prepared to put the major chunk of burden on the salaried and middle class through a bogus budget 2024. I again question! WHAT DO WE GET IN RETURN? Why are you using our hard earned money on the outcomes of your ineffective and fraudulent policies? Which just worsens every passing day. Do we get any medical and insurance facilities is return? NO! Do we get timely justice in the courts? NO! Do we get fair elections? NO! Do we get fair opportunities? NO! Do we even have right to freedom of expression? NO! We already are paying taxes through every single purchase that we make now you just want people to live a peasant life? I strongly REJECT these taxes against salaried class. X Tax the wealthy first. Start within. Let people breath. Please spread this post to stand against injustice! Below is the link to calculate monthly tax on your salaries according to the new budget. https://lnkd.in/dRazRfgT #copiedpost #softwareindustry #tax #budget2024 #salariedclass