HMRC have issued the March 2024 edition of the Employer Bulletin which brings the latest HMRC updates and guidance to support employers, payroll professionals and agents.
On 6 March 2024, the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, made his Spring Budget.
One of the headline tax measures relevant for employers was:
Changes to the High Income Child Benefit Charge
New guidance on changes to the High Income Child Benefit Charge has been published.
Information on all the measures announced can be found in Spring Statement 2024.
For an overview of all the tax legislation and rates announced, read the Spring Statement 2024: Overview of tax legislation and rates (OOTLAR).
Other information from the March bulletin.
PAYE
- Spring Budget — 2024 National Insurance contributions rate changes from 6 April 2024
- paying PAYE
- PAYE Settlement Agreement payment
- National Minimum Wage
- starting the new tax year — student and postgraduate loans
- notice of changes to PAYE, Real Time Information and Self Assessment returns — technical consultation on draft regulations
- Investment Zone employer National Insurance contributions relief
- reporting expenses and benefits for the tax year ending 5 April 2024
- mandating the payrolling of benefits in kind from April 2026
- PAYE tax calculator
- company cars — classification of double cab pickups for benefit in kind purposes
Tax updates and changes to guidance
- plant and machinery allowances
- basis period reform — reporting on a tax year basis
- Construction Industry Scheme
General information and customer support
- claiming tax relief on work related expenses — don’t get caught out by bad tax advice
- Raising Standards in the Tax Advice market — strengthening the regulatory framework and improving registration consultation
PAYadvice.UK 28/3/2024