This April will see significant changes to the National Living Wage (NLW) with the government lowering the age at which workers will qualify and the annual increase in the rate. It can be costly for employers to breach NLW and National Minimum Wage (NMW) laws. Last year saw employers forced to repay millions in underpayments… Continue reading Hot Topic – National Living Wage
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
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!? 💰
Lost pension pots There is an astonishing £26.6 billion in lost and unclaimed UK pension pots, according to recent figures. At a time when many are people are facing working longer before retiring or having to deal with a pension shortfall, this is a striking number. Planning for retirement in advance is vital, with many… Continue reading Hot Topic
Late payment The late payment of invoices is a major problem for UK businesses, particularly SMEs. They cause a barrier to growth, forcing owners and managers are forced to spend disproportionate time chasing payments. This results in cashflow problems causing many firms to struggle. Now, the government is taking action with tougher measures to tackle… Continue reading Hot Topic
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?
On 15th March 2023 the Chancellor, Jeremy Hunt, present the Spring budget. Many of the points around people’s general lifestyle were leaked in advance of the budget – things like the extension of free childcare to younger children and potentially lifting the pension lifetime allowance. There were also the typically expected announcements – the freeze… Continue reading Spring Budget 2023
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
Torr Waterfield - Accountants & Business Advisors 