Anna’s Accountancy Alerts – Week 3 (15th – 21st April 2024)

Anna’s Accountancy Alerts - Week 3 (15th – 21st April 2024)

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Reducing the risk of your employees paying too much student loans

It is important that you check and use the correct: 

  • Start date shown on the notice 
  • Loan or plan type on the notice 

 

This helps your employee pay the right amount at the right time. 

You should continue to take deductions until HMRC tells you to stop. 

If your employee’s earnings are below the respective student loan and postgraduate loan thresholds, you should: 

  • Update your employee’s payroll record to show they have a student loan or 
  • Postgraduate loan
  • File the start notice

 

More information on student and postgraduate loan deductions and generic notification service messages is available. 

Saving on shopping

Shop around

Each month, Which? Compares prices across all major supermarkets on a basket of household goods. In November 2023 the cheapest supermarket Aldi, was on average 21% cheaper than Waitrose, the most expensive (the basket was £76.77 at Aldi and £97.39 at Waitrose). Of the big four supermarkets, Asda was the cheapest, at £84.42.

Buy own brand

Avoid convenience

Which? Research shows that prices at big-chain ‘express’ or ‘local’ branches are higher than at the chain’s superstores.

We checked prices for a trolly of household goods over a year, and found shopping at Tesco Express could cost over £800 more than shopping at Tesco superstore. The difference between Sainsbury’s Local and its superstore equivalent was also steep: nearly £500 over the year.

Understand loyalty cards

Joining your usual supermarkets’ loyalty schemes will save you money – Sainsbury’s and Tesco member prices were 21% less on average in the first half of 2023, according to our research.

Make sure that you’re aware of your end of the bargain: giving away your data. Even though most loyalty cards are free, providers collect data on your shopping habits, which they can use to make a profit.

Over 1 million miss self assessment deadline

A record 11.5 million taxpayers did file their 2022/23 self assessment tax returns by the deadline.

The final day saw 778,068 beat the clock to complete their return.

HMRC has urged anyone who missed the deadline to submit their tax return as soon as possible – late filing and late payment penalties apply for those who failed to submit by the deadline. It stated that there are many ways to pay, including online, using the HMRC app, by bank transfer or via a Time to Pay payment plan.

Stay Up-To-Date With Coronavirus & Brexit News

Coronavirus has affected us all. Whether you’re a sole trader, employer or employee. Stay up to date with the latest news – including government support, tax implications, and more.