Employers
Changes to Termination Payment Taxation for Employers
Mercian Accountants wants to remind UK employers of several changes to the tax treatment of termination payments. Over the past five years, the rules for income tax and National Insurance contributions (NIC) have been aligned, foreign service relief on termination payments to UK resident individuals has been removed, and clarification has been made that the…
Read MoreMastering the Art of Tax Efficiency: Director’s Salary and Dividend Strategies for 2023/24
Stay Ahead with Tax-Efficient Strategies With no further changes announced in the 2023 Spring Budget, it’s time to explore the most tax-efficient director’s salary and dividend strategies for 2023/24. This guide will provide an overview of the key tax rates and allowances and offer insights on maximising your post-tax income. 2023/24 Tax Landscape: Rates and…
Read MoreDigital Submission of P11Ds Mandatory from 6 April 2023
In a significant move towards modernising the UK tax administration system, the HMRC’s February 2023 Employer Bulletin announced that the submission of P11Ds and P11D(b)s would be mandatory through digital channels from 6 April 2023. As a result, paper submissions will no longer be accepted. This transition reflects the government’s aim to establish a fully…
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