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While most people welcome increased income, it can be a double-edged sword, resulting in more than just a higher income tax bill. With tax bands frozen for several years, higher rate taxpayers should be looking at which reliefs are still available to them.

The new tax year in April will bring reduced allowances and frozen thresholds, so it’s essential to check whether a pay rise will affect the reliefs you’re entitled to as well as the rate of income tax you’ll pay, so you can keep your personal finances in order.

Under the government’s original plans, anyone required to submit Income Tax Self-Assessment returns to HMRC would have been obligated to sign up for the Making Tax Digital (MTD) service by April 2024 – but the implementation of MTD for ITSA has since been delayed until April 2026.

Switching to the online tax service will initially be mandatory for landlords and self-employed earners with income over £50,000 a year, while those with annual income below this but above £30,000 will be required to join from April 2027.

Before setting a deadline for extending MTD to smaller businesses earning less than £30,000 a year, the government conducted a review to consider how this might affect the needs of small businesses.

The outcome of the MTD small business review is the announcement that there are no plans to extend MTD for ITSA to landlords and the self-employed earning below £30,000 a year for the foreseeable future – though this may be reviewed again.

Here’s a short guide explaining what self-employed workers and landlords should know about current changes to MTD for ITSA.

From Property Alerts for fraud prevention, to energy efficiency requirements for rented properties, to Making Tax Digital for Income Tax delays – it’s essential for landlords to keep up with the latest regulatory changes.
For example, the Leasehold and Freehold Reform Bill was introduced in Parliament last November and is likely to be passed into law in mid-2024.
Also in November, the National Trading Standards Estate and Lettings Agency Team (NTSELAT) published two more sections of guidance for sales agents and letting agents regarding ‘material information’ in property listings.
Here’s what these changes could mean for landlords when it comes to advertising a property or extending a lease in 2024.

Following announcements made in the Autumn Statement 2023, new rules will come into effect for individual savings accounts (ISAs) from April this year.

Since launching in 1999, ISAs have offered an excellent route for building up tax-free savings, with different options and regulations introduced over the years.

Allowing savers to set aside ad-hoc sums up to an annual allowance, sheltered from income tax and capital gains tax, it’s no wonder that ISAs are so popular.

Now, changes coming into effect on 6th April 2024 to make ISAs more user-friendly will also make them even more attractive to more people hoping to build their savings – but there are some limitations to be aware of.

Last November, the measures announced in the Autumn Statement 2023 included some extensions and some cuts to business rates relief for the 2024–2025 tax year.

While the business rates burden may be alleviated for some businesses in England and the Scottish islands, businesses in Wales sadly will not be as fortunate.

Here are the latest figures for business rates relief and multipliers from 1st April 2024.

Calculated according to employment status and earnings, it’s essential for workers to pay National Insurance Contributions (NICs) to help provide funding for essential public services like the NHS, state pensions, and state benefits.

However, many people believe they are building up a national fund, when it’s more of a ‘pay as you go’ system – each year’s contributions pay for that year’s benefits.

Framing NICs that way, rather than as just another tax on income, previously allowed politicians to make headlines over basic income tax changes with less attention on revenue from increased NICs – but the Chancellor Jeremy Hunt seemed to give up on this approach last November.

In the Autumn Statement 2023, it was announced that upcoming NIC reductions would be the equivalent of tax cuts for employees and self-employed people.

As of 6th January 2024, the main rate of National Insurance has dropped by 2%, which is effectively a 15% reduction in National Insurance Contributions – resulting in significant savings for millions of workers across a variety of sectors.

Here’s a summary of the changes to NICs in 2024 and what this could mean for you.