Chancellor Jeremy Hunt delivered his 'Budget for Long Term Growth' on Wednesday 6 March 2024. His speech promised 'more investment, more jobs, better public services and lower taxes'. Lowering taxes The Chancellor made further changes to National Insurance contributions (NICs), following the cuts made in the Autumn Statement 2023. The rates for NICs will be… Continue reading Spring Budget 2024
What happens to your pension when you die? A recent survey by the Money and Pensions Service (MaPS) found that more than half of people don’t know what happens to their pension when they die. It found that only two in five people knew that pensions go to a nominated beneficiary: and one in five… Continue reading Retirement and pensions round-up
The start of the year is often a good time to take stock of a situation and make a plan for the coming 12 months. As those in the self-employed sector look ahead they will see a number of challenges including, the continued rise in living and working costs, the need to undertake training to… Continue reading Hot Topic: Self Employed
If you are in receipt of child benefit you may become liable to the 'High Income Child Benefit Charge' without realising ⚠️ If your 'adjusted net income' is over £50k then some of the child benefit you have received will become repayable. For every £100 above £50k earned, you must pay back 1% of the… Continue reading Child benefit 👶
Do you sell the odd second-hand item on Vinted or eBay? Or maybe you let out an apartment or a room on Airbnb?If you do, HMRC may be having a closer look at your transactions and the amount of money you are making.New rules mean that these websites amongst others will have to share information… Continue reading 💰 Side Hustle Tax!? 💰
With support schemes having lost between £3.3 billion and £7.3 billion to error and fraud, HMRC isn’t letting go now. It’s still checking that claims under schemes like the Coronavirus Job Retention Scheme (CJRS or furlough scheme), met all necessary conditions. Any employers who used the furlough scheme, and have yet to review the details… Continue reading One widget or two? Covid support payments still on HMRC’s radar
In the Bank of England’s battle against inflation, its main weapon has been increasing the base rate of interest. The UK’s base rate has risen 14 times in succession from a lockdown low of 0.1% in December 2021 to 5.25% now. These increases are designed to squeeze spending power and cool the economy. Rising interest… Continue reading Hot Topic: Interest Rates
Unveiled in the Spring Budget, it’s the highlight of what the government calls its new ‘capital allowances offer’. But what is full expensing? And will it benefit your business? Full expensing can be used for expenditure incurred by companies on or after 1 April 2023 and before 1 April 2026. At present, it’s temporary though the… Continue reading Who needs to know about full expensing?
Recent research has highlighted the importance of The Bank of Mum and Dad in helping young people start their adult lives, marriages and most commonly of all, get themselves on the property ladder. However, passing down wealth through the generations takes careful planning. Here we look at how long-term objectives for family finances can be… Continue reading Hot Topic – Bank of Mum and Dad
The amount of corporation tax is increasing from 19% to a main rate of 25% from 1/4/23. The 25% threshold will be paid by companies with profits of £250,000 or more, but smaller companies with a profit of £50,000 or less will still pay tax at 19%. For companies earning between £50,000 & £250,000, they… Continue reading Corporation Tax changes from 1/4/23 – How will it affect you?
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