December 2023 Newsletter | Cylchlythyr Misol Rhagfyr 2023
- With the 31 January 2024 tax payment deadline looming, you may be thinking "where is my HMRC payslip?". HMRC have confirmed they are not obliged to send a payslip through the post as online banking facilities are available for tax payments.
If you have tax amounts due by 31 January and have not received a payslip through the post, don't forget to pay!
- The threshold at which individuals who only earn employment income (via PAYE) must complete self-assessment tax returns (currently £150,000) will be abolished from 6 April 2024, easing the tax compliance burden on individuals on higher, PAYE-only income.
- If you have a child who is aged 16 and over and they were born between 1 September 2002 and 2 January 2011, they may have a child trust fund waiting to be claimed. Over 400,000 of these funds have not been claimed, with an average savings pot of £2,000. To check whether your child has any unclaimed funds, visit:
https://www.gov.uk/child-trust-funds/find-a-child-trust-fund
- We have recently become aware of a Welsh language scam email where the scammers gain access to your email inbox and send emails to your contacts (in Welsh, using correct grammar and mutations) asking for your contacts to send them Amazon vouchers. We have seen similar scams in the past, but this is the first time we have been scam emails written in perfect Welsh. The use of AI in scams is leading to ever more believable scam emails. Remain vigilant, especially of parcel delivery scam emails over the festive season.
Ask Huw & Aled: To fill the gaps in my National Insurance record, I have been paying voluntary National Insurance contributions. Your newsletter last month said that Class 2 NI payments were to be abolished. Can I still make voluntary NI payments from April 2024?
In the Autumn Statement, the Chancellor announced that Class 2 NICs would be abolished from April 2024. A number of individuals who have gaps in their NI record, which would lead to lower State Pension when they retire, can restore their NI record by making voluntary NI payments.
This will still be possible from April 2024 (either via self-assessment tax returns or by calling HMRC's National Insurance office directly on 0300 200 3500).
Nadolig Llawen a Blwyddyn Newydd Dda!
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Merry Christmas and Happy New Year!
