HMRC has issued a new press release reminding readers of a limited-time opportunity to enhance their State Pension. Currently, there is an opportunity for affected individuals to address gaps in their National Insurance Contributions (NICs) for tax years between April 2006 and April 2018. Originally set to end on 5 April 2023, this
More...Self-assessment taxpayers typically need to pay their Income Tax liabilities in three instalments each year. The first two payments on account are due by 31 January during the tax year and by the 31 July after the tax year has ended. Each payment on account is based on 50% of the previous year’s net Income Tax liability. Additionally, the
More...Self-employed individuals are usually required to pay Class 4 National Insurance contributions (NICs) if their annual profits exceed £12,570. For the 2024-25 tax year, Class 4 NIC rates are set at 6% (down from 9% in 2023-24) on profits between £12,570 and £50,270, with an additional 2% charged on profits above £50,270. Certain groups
More...The Tax-Free Childcare (TFC) scheme helps working families manage childcare costs by providing support through a wide network of registered providers, including childminders, breakfast and after-school clubs, and approved play schemes across the UK. Parents can also contribute to their TFC account regularly and save their allowances for
More...Most personal pensions set a minimum age at which you can start withdrawing money, typically not before age 55. Some pension benefits can be taken tax-free. Generally, you can withdraw 25% of your pension pot as a tax-free lump sum, with a maximum of £268,275. If you have protected allowances, the amount you can take tax-free, as well as
More...Employees with more than one job may be eligible to defer or delay paying Class 1 National Insurance in certain situations. This deferment can be considered if any of the following apply: You pay Class 1 National Insurance to more than one employer. You earn £967 or more per week from one job over the tax year. You earn £1,209 or
More...The Department for Work and Pensions has published an outline of the new Pensions Scheme Bill. There are three main objectives that the government want to achieve, and they are set out below. However, the process of consultation and redrafting that will no doubt be required will probably delay the parliamentary process for some time. The
More...Legislation has been introduced in Parliament to upgrade UK workers’ rights. The legislation is wide ranging with the intention of tackling poor working conditions and benefitting businesses. A summary of the main changes are: The existing two-year qualifying period for protections from unfair dismissal will be removed, delivering on
More...Banks will be granted new powers to delay and investigate payments suspected of fraud, enhancing consumer protection against scammers. Under new laws being proposed by the Government, banks will be able to extend the maximum delay for suspicious payments by up to 72 hours when there are reasonable grounds to suspect a payment is
More...New regulations that prohibit employers from withholding tips for employees in the hospitality, leisure, and services sectors took effect on 1 October 2024. This change follows the enactment of The Employment (Allocation of Tips) Act 2023, commonly referred to as the Tipping Act, along with the statutory Code of Practice on the fair and
More...The GOV.UK ID Check app is used to allow applicants to verify their identify when they sign in to a government service with GOV.UK One Login. Once this had been completed satisfactorily, your identity information is automatically saved to your GOV.UK One Login. This means you will not need to prove your identity next time a service needs
More...There are special VAT reverse charge rules in place for certain building contractors and sub-contractors. These regulations, which came into effect on 1 March 2021, make the supply of most construction services between construction or building businesses subject to the domestic reverse charge. The reverse charge only applies to supplies
More...Chancellor Rachel Reeves has recently introduced a series of new measures aimed at advancing the priorities of the new government. The key announcements include: New funding for breakfast clubs at 750 schools with primary-aged pupils. The publication of a new Industrial Strategy in the spring. A reversal of the decision to write off
More...While there have been no specific announcements regarding changes to Business Asset Disposal Relief (BADR), the Chancellor may consider modifying this relief in the upcoming Budget. If you are contemplating selling your business soon, we can assist you in evaluating your options. BADR currently applies to the sale of a business, shares
More...The government has unveiled new measures to support small businesses and the self-employed by tackling the scourge of late payments, which according to the Smart Data Foundry is costing SMEs £22,000 a year on average and according to FSB research, leads to 50,000 business closures a year. The government will consult on tough new laws
More...A reminder that the government has stated that it will remove preferential tax treatment based on domicile status for all new foreign income and gains (FIG) that arise from 6 April 2025. To replace the present remittance basis of tax, the government will introduce an internationally competitive residence-based regime, providing 100%
More...1 November 2024 - Due date for Corporation Tax due for the year ended 31 January 2024. 19 November 2024 - PAYE and NIC deductions due for month ended 5 November 2024. (If you pay your tax electronically the due date is 22 November 20244.) 19 November 2024 - Filing deadline for the CIS300 monthly return for the month ended 5 November
More...HMRC has issued a press release urging 18-22 year olds who have yet to claim their Child Trust Fund (CTF) cash to do so as soon as possible. According to HMRC, over 670,000 young adults in this age group have unclaimed funds, with the average savings pot estimated to be marginally in excess of £2,000. Anyone who turned 18 on or after 1
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