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2025

Firstly

As we progress through 2025, please be aware of the following key updates from HM Revenue & Customs (HMRC) that may impact your financial planning and tax obligations:

2025

National Insurance Contributions (NICs)

Employer NICs Increase: Effective from April 6, 2025, employer National Insurance contributions will rise by 1%. This change affects businesses with employees on the payroll.

Income Tax Thresholds

Personal Allowance and Higher Rate Threshold Freeze: The personal allowance (£12,570) and higher-rate threshold (£50,270) remain frozen until 2028. As incomes rise, more individuals may find themselves in higher tax brackets, a phenomenon known as "fiscal drag."

HMRC Update on New Tax

Tax on Side Hustle

Digital platforms are now able to share user information directly with HMRC as of January 1, 2024, in an effort to cut down on tax evasion being dubbed the ‘Side Hustle Tax’