Pádraig Boyle’s Post

There's an awful lot to unpack in today's Budget - but here are some of the key announcements HR-related announcement employers need to know. And, of course, we are here to help you with anything you need as a result of today's announcements. 💷 National Living Wage Increase: The National Living Wage will rise by 6.7% in April 2025, increasing the hourly rate from £11.44 to £12.21. This change will benefit over 3 million workers. 💷 National Insurance Contributions: Employer National Insurance contributions will increase by 1.2 percentage points, from 13.8% to 15%, starting April 2025. The threshold for paying NI will also drop from £9,100 to £5,000 annually. 💷 Tax Changes: The budget includes a plan to raise £40 billion in taxes, including increases in capital gains tax and private school fees. The non-dom tax status will be abolished, replaced by a new residence-based scheme. 💷 Support for Businesses: Employment allowance will increase from £5,000 to £10,500, helping smaller businesses manage the higher NI contributions. Additionally, there will be a focus on boosting productivity and targeting economically inactive individuals through the ‘Get Britain Working’ scheme. 💷 Abolition of Non-Dom Tax Status: From April 2025, the non-dom tax status will be replaced with a new residence-based scheme for temporary workers in the UK. 💷 Skills and Training: A new fund will be established to support upskilling and reskilling initiatives, particularly in digital and green technologies. 💷 Mental Health Support: Employers will be required to provide mental health support plans for their employees, including access to counselling services. 💷 No further freeze on personal tax thresholds: Despite many pre-budget predictions, the chancellor announced there will be no extension of the previous government’s freeze on income tax and NI thresholds. This will mean the thresholds will be uprated in line with inflation from 2028-9. 💷 Uplift to carers’ allowance: The amount carers can earn while receiving the £81.90 per week allowance will be increased to the equivalent of 16 hours at the NLW per week, meaning carers will be able to earn over £10,000 a year while receiving the benefit. #Budget #employmentlaw #shropshirebusiness #telfordbusiness #hrexpert

Tax time 2024 is fast approaching and with many individuals still working from home partially or completely, this quick guide can assist you with completing the calculations for claiming the deduction. #expenses #homeoffice

Tax time 2024 is fast approaching and with many individuals still working from home partially or completely, this quick guide can assist you with completing the calculations for claiming the deduction. #expenses #homeoffice #yourmoneymatters #withusyourecounted

How to claim working from home expenses Taxpayers who have been working from home this financial year, and who consequently incurred work-related expenses, have two ways to calculate their work from home deduction: -the actual cost method; or -the fixed rate method. Using the fixed rate method, taxpayers can claim a rate of 67 cents per hour worked at home. This amount covers additional running expenses, including electricity and gas, phone and internet usage, stationery, and computer consumables. A deduction for these costs cannot be claimed elsewhere in their tax return, although taxpayers can separately claim any depreciating assets, such as office furniture or technology. Taxpayers need to have the right records, and the record-keeping requirements differ for the fixed rate method and the actual cost method. If you need more information regarding making these claims, please contact our office. #tax #accountant #deductions #business #workfromhome https://ow.ly/tG5I50Ra46j

Tax time 2024 is fast approaching and with many individuals still working from home partially or completely, this quick guide can assist you with completing the calculations for claiming the deduction. #expenses #homeoffice

Does your business provide a qualified child care facility for employees' dependents? If so, you may be eligible for a valuable tax credit that, when combined with the business expense deduction and a qualified dependent care assistance program, can significantly lower your tax bill. This break also provides a welcome perk for working parents on your payroll. #childcarecredit #taxplanning #taxcredit https://lnkd.in/gu2nb6_a

With the recent UK budget changes, we know that financial stability is more important than ever for our supply teachers and education staff.    That’s why we’re making it simple: 💼 We operate only on a PAYE model: no confusing umbrella fees, no surprise deductions. 📈 And with the budget highlighting an increase in employer National Insurance, we’re covering that extra cost ourselves, so your take-home pay stays the same.   Stick with an agency that’s got your back.    Your financial wellbeing is our priority! 🌟   #Budget2024 #SupplyTeachers #PAYEOnly #AppleADaySupply #EducationRecruitment

🏡💼 Important update alert! 🚨Do you work from home? Take note of the latest updates on home office expenses, that will impact your tax deductions. Stay ahead of the curve and navigate these changes. - What are the allowable deductions? - What to remember when claiming deductions? - Are you claiming interest on your bond? See Interpretation Notice 28 for more details. 👀 https://lnkd.in/d9_A6pW2 💻✨ #RemoteWork #HomeOffice #WorkFromHome #ExpenseUpdate #NowHR #SARS #payrolladministration

Were you self employed during 2020-2021? Do you know about the SETC? This is a tax credit for self employed workers that were affected during the pandemic. This includes gig workers, 1099s, Sole Proprietors, etc. Wouldn't it be worth 10 minutes of your time to see if you qualify for up to $32,220? Also, if you do qualify you don't have to wait months to get paid since the processed has been streamlined. Check out the link below to see how easy the process is. https://lnkd.in/exWwYWuz

Tax time is here, and you might be leaving money on the table. The ATO allows various deductions that many Australians overlook. Here are five you should know about: 🏠 Home office costs: If you work from home, you can claim a portion of your electricity, internet, and even depreciation on office equipment. 🚗 Work-related car expenses: Trips for work purposes (excluding regular commutes) can be claimed. Keep a logbook to maximise this deduction. 👔 Laundry for uniforms: If you wear a company-branded uniform, you can claim laundry expenses — no receipt needed. 📚 Work-related subscriptions: Claim educational and trade publications directly related to earning your income. 💻 Technology depreciation: Claim for work-related use of your personal computer and a percentage of your internet costs. Remember: Only claim what's directly related to earning your income and always keep receipts. When in doubt, consult a registered tax agent. Stay informed and maximise your refund this tax season! #taxdeduction #taxreturn #revivefinancial